CINCINNATI--(BUSINESS WIRE)--Apr. 5, 2012--
Fifth Third Bancorp and Touchstone Advisors, Inc. (Touchstone), a wholly
owned subsidiary of Western & Southern Financial Group, announced today
that Fifth Third Asset Management, Inc. (FTAM) and Touchstone have
entered into an agreement under which Touchstone will be acquiring the
assets of 16 mutual funds from FTAM. The acquisition is expected to
increase Touchstone’s assets under management to $13 billion (pending
Touchstone’s acquisition of selected assets of Old Mutual Asset
Management's U.S. mutual fund business) and create new sub-advisory
relationships with FTAM. The transaction is not expected to have a
material impact on Fifth Third Bancorp’s results.
“I am very excited about this transaction. In addition to increasing our
assets under management, it gives us some new and interesting fund
offerings, and access to a premier distribution system,” said Steven M.
Graziano, president of Touchstone.
“We have a long and close association with Fifth Third. The addition of
these funds will benefit both companies and the clients we serve,” said
John F. Barrett, chairman, president and CEO of Western & Southern.
“Our transaction with Touchstone allows FTAM to focus on our core
strengths – providing institutionally managed active asset management
strategies,” said Keith Wirtz, chief investment officer of FTAM.
Kevin T. Kabat, president and CEO of Fifth Third Bancorp added, “Our
relationship with Touchstone provides us an exciting opportunity to grow
our business going forward and allows us to focus on the areas where we
have a strategic advantage. We look forward to working with Touchstone
and leveraging our distribution platform to provide value to
Closing of the transaction is subject to certain conditions and
approvals and is expected to be completed in the third quarter of 2012.
Upon the completion of the transaction, 16 FTAM funds will be
reorganized into Touchstone Funds with FTAM’s affiliated investment
managers continuing as sub-advisors for certain funds.
Touchstone remains dedicated to its sub-advised mutual fund approach and
is committed to offering investment products based on partnerships with
premier money managers.
Touchstone's primary mission is to bring best-in-class institutional
money managers to investors through its mutual funds. Touchstone also
believes strongly in the value that financial advisors provide to the
private client and institutional marketplace. As such, Touchstone
distributes these funds through third-party intermediaries like
registered investment advisors, private banks, and consultants, as well
as through national, regional and independent broker-dealers.
Cambridge International Partners Inc. is advising Fifth Third on the
About Touchstone Investments
Touchstone Investments is a mutual fund company committed to providing
investors with access to institutional asset managers who act in a
sub-advisory capacity. While its sub-advisors are held to strict
performance standards, they work with a large measure of independence
and operate within their own demonstrated areas of expertise.
Touchstone’s rigorous asset manager evaluation process and robust
oversight approach are designed to ensure delivery on Touchstone’s
commitment of achieving competitive long-term results. The Touchstone
Funds are advised by Touchstone Advisors, Inc., a registered investment
advisor, and are distributed nationally through intermediaries including
broker-dealers, financial planners and institutions by Touchstone
Securities, Inc., a registered broker-dealer and member FINRA/SIPC.
For more information, please visit www.touchstoneinvestments.com.
About Western & Southern Financial Group
With a heritage dating to 1888, Western & Southern Financial Group
(Western & Southern) is a Cincinnati-based Fortune 500 diversified
family of financial services companies with assets owned and managed of
approximately $55 billion as of Feb. 29, 2012. Western & Southern is one
of eight groups in the world to earn Standard & Poor’s AA+ rating for
its life insurance units, and is consistently recognized by A.M. Best,
Moody’s and Fitch for financial strength and sound management. For more
information, visit www.westernsouthern.com.
Western & Southern is the title sponsor of the Western & Southern Open (www.wsopen.com)
tennis tournament, a premier event in the U.S. Open Series featuring the
world’s top-ranked professional male and female players.
Ratings are current as of April 1, 2012, and refer to the
claims-paying ability of the insurance company and not to the safety,
stability or performance of any investment product.
About Fifth Third Asset Management
Fifth Third Asset Management, Inc. (FTAM) provides comprehensive
advisory services for institutional clients. FTAM offers a broadly
diversified asset management product line utilizing proprietary mutual
funds, commingled funds, and separate accounts. Through teams of
experienced and knowledgeable investment professionals, advanced
research resources and disciplined investment processes, our goal is
two-fold: produce superior, long-term investment results and client
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $117 billion in
assets and operates 15 affiliates with 1,315 full-service Banking
Centers, including 105 Bank Mart® locations open seven days a week
inside select grocery stores and 2,407 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending and
Investment Advisors. Following Vantiv Inc.’s initial public offering,
Fifth Third will have an interest of approximately 39% in Vantiv
Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth
Third is among the largest money managers in the Midwest and, as of
December 31, 2011, had $282 billion in assets under care, of which it
managed $24 billion for individuals, corporations and not-for-profit
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol "FITB." Fifth Third Bank. Member FDIC.
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Source: Fifth Third Bancorp
Touchstone Advisors, Inc.
Sharon Karp (Advisors), 513-362-8026
Marques, APR (Media), 513-629-1448
Fifth Third Bancorp
Wehby (Analysts), 513-534-7404
Rich Rosen, CFA (Analysts),
Debra DeCourcy, APR (Media), 513-534-4153