SunTrust in Discussions to Sell Parts of RidgeWorth Business

SunTrust Banks Inc. said it is in discussions to sell portions of its RidgeWorth Investments subsidiary, which specializes in institutional investment management.

The Atlanta-based regional bank didn't give any details about the discussions and said there is "no certainty a transaction will be consummated, and the effect on the company's financial results would not be significant."

Ridgeworth and its boutiques collectively manage $63.1 billion of assets. As of Dec. 31, SunTrust was adviser for more than $205 billion in assets.

SunTrust in January said its fourth-quarter loss narrowed more than expected, though soft revenue and weak loan demand from consumer and commercial borrowers reflected continued recessionary pressure.

Shares of SunTrust were up 0.7% to $28.85 in recent trading. The stock has doubled the past year.

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