Press release from PR Newswire
Touchstone Investments Completes Acquisition of Certain Fund Assets of Fifth Third Asset Management, Inc.
Monday, September 10, 2012
Touchstone Investments Completes Acquisition of Certain Fund Assets of Fifth Third Asset Management, Inc.16:30 EDT Monday, September 10, 2012CINCINNATI, Sept. 10, 2012 /PRNewswire/ -- Touchstone Investments, a wholly owned subsidiary of Western & Southern Financial Group, announced the completion of its acquisition of the assets of 16 mutual funds from Fifth Third Asset Management, Inc. (FTAM). The addition of these funds brings Touchstone's total fund lineup to 47, assets under management to $13.5 billion and a new sub-advisory relationship with FTAM. Touchstone announced the planned acquisition in April. "This acquisition reflects Touchstone's continued commitment to providing individual investors access to best-in-class institutional money managers through its mutual funds," said Steven M. Graziano, president of Touchstone Investments. "In addition to increasing our assets under management, it gives us some new and interesting fund offerings, and access to a premier distribution system." "This strategic transaction allows us to focus on our strong distribution capabilities while offering Touchstone's larger product set to our customers," said Kevin T. Kabat, president and chief executive officer of Fifth Third Bancorp. "We're excited about our ongoing relationship with Touchstone and the growth opportunities it will bring to both companies."FTAM's funds are being 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 also believes strongly in the value that financial advisors provide to the private client and institutional marketplace," Graziano said. "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."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.Touchstone, Touchstone Funds and Touchstone Investments are federal service mark registrations and applications owned by IFS Financial Services, Inc. Touchstone Securities, Inc., Touchstone Advisors, Inc. and IFS Financial Services, Inc. are members of Western & Southern Financial Group. For more information, please visit TouchstoneInvestments.com. About Western & Southern Financial GroupWestern & Southern Financial Group (Western & Southern), a Fortune 500 company, is a Cincinnati-based diversified family of financial services companies with assets owned and managed in excess of $50 billion as of June 30, 2012. Western & Southern is one of the eight highest-rated life insurance groups in the world based on Standard & Poor's ratings. 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 Sept. 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 ManagementFifth Third Asset Management, Inc. provides advisory services to institutional clients. 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 BancorpFifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of June 30, 2012, the Company had $118 billion in assets and operated 15 affiliates with 1,321 full-service Banking Centers, including 105 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® Global Select Market under the symbol "FITB.SOURCE Touchstone InvestmentsFor further information: Sharon Karp (Advisors), +1-513-362-8026, Jose Marques, APR (Media), +1-513-629-1448; or Jim Eglseder (Analysts), +1-513-534-8424, Laura Wehby (Analysts), +1-513-534-7407, Debra DeCourcy, APR (Media), +1-513-534-4153