Announces other FTAM Organizational Changes
CINCINNATI--(BUSINESS WIRE)--Oct. 12, 2012--
Fifth Third Bancorp (Nasdaq: FITB) today announced that Mitchell Stapley
has been promoted to chief investment officer for Fifth Third Asset
Management (FTAM) a wholly-owned subsidiary of Fifth Third Bank.
Stapley, an 11-year veteran of FTAM previously served as chief fixed
income officer where he oversaw all fixed income strategies for the
firm. Stapley replaces Keith Wirtz, who has left FTAM to pursue other
opportunities. Click here
to view Stapley’s full bio.
“With nearly 30 years of investment experience to his credit, Mitch is
the perfect person to drive FTAM forward in the most strategically
effective way,” said Phil McHugh, executive vice president and head of
the Bank’s Investment Advisors division.
Along with the promotion of Stapley, McHugh also announced that FTAM has
entered into an agreement to sell certain accounts of the firm, which is
expected to close in the first quarter of 2013.
Upon completion of the transaction, FTAM will focus on a more
concentrated menu of products for the institutional market, including
Fixed Income, Dividend Growth and Strategic Income. Certain assets
associated with FTAM’s investment teams in Minneapolis and Cleveland
will be purchased by Tim Ford, Seamus Murphy and Amy Denn, current
members of FTAM’s management team, and will operate as a separate entity
called Foundry Partners LLC. The two firms plan to enter into a
cooperative sales and service agreement to support existing and future
“This strategic transaction will provide FTAM with the best opportunity
for growth in the future because it will allow us to concentrate on and
invest in a focused set of key investment strategies,” explained Stapley.
About Fifth Third Asset Management
Fifth Third Asset Management, Inc. (FTAM) provides investment advisory
services for institutional clients. FTAM offers a diversified asset
management product line utilizing 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 satisfaction.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $118 billion in
assets and operates 15 affiliates with 1,320 full-service Banking
Centers, including 104 Bank Mart® locations open seven days a week
inside select grocery stores and 2,405 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. Fifth Third also has a 39% interest in Vantiv
Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth
Third is among the largest money managers in the Midwest and, as of June
30, 2012, had $291 billion in assets under care, of which it managed $25
billion for individuals, corporations and not-for-profit organizations. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third's common stock is traded on the NASDAQ® National Global
Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.
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Source: Fifth Third Bancorp
Fifth Third Bancorp
Debra DeCourcy, APR, 513-534-4153
Ille (FTAM), 513-534-7583