United Asset Management Corp. of Boston said it has sold its large-cap growth investment unit to the unit's management.
The move, announced Friday, is part of the company's strategy to split off its subsidiaries and focus on its core investment management activities. Terms were not disclosed.
The unit, Colony Capital Management, is based in Atlanta and manages $500 million. United Asset Management manages $203 billion.
United Asset Management acquired Colony in 1984. At the time, Colony managed $800 million of assets.