SunTrust Banks Inc.'s capital management unit announced Tuesday that it had signed a definitive agreement to buy Seix Investment Advisors Inc., an institutional fixed-income firm with more than $17 billion of assets under management.
Adding Seix to its Trusco Capital Management Inc. would let SunTrust reach $117 billion of assets under management and become one of the 30 largest managers of institutional assets and one of the five largest managers of endowment and foundation assets in the country.
Seix is to operate as a separate institutional fixed-income boutique under its own name and would maintain its headquarters in Woodcliff Lake, N.J., the announcement said. Christina Seix, the company's chairman and chief investment officer, would retain those roles under SunTrust's ownership.
Trusco has $50 billion of assets under management.
