Massachusetts Mutual Life Insurance Co. said Monday that it had completed its previously announced purchase of First Mercantile Trust Co. from SunTrust Banks Inc.
First Mercantile, which is based in Memphis, provides retirement plan record keeping and investment management services nationally. It had nearly $5 billion of assets under management at Dec. 31.
MassMutual said First Mercantile's operations add complementary products and scale to its $40 billion retirement plan business.
The Springfield, Mass., insurer and its subsidiaries had more than $500 billion of assets under management at Dec. 31. Assets under management include assets and certain external investment funds managed by units of MassMutual.
Its major affiliates include OppenheimerFunds Inc., Babson Capital Management LLC, Baring Asset Management Ltd, Cornerstone Real Estate Advisers LLC, MML Investors Services Inc., MassMutual International LLC, and MassMutual Trust Co.
