Minnesota Mutual Life Insurance today combined its Advantus Capital Management mutual fund arm with its institutional money management subsidiary, MIMLIC Asset Management. The new entity - which will use the Advantus name - will have $14.9 billion under management, of which nearly $6 billion is U.S. institutional tax-exempt assets.
MIMLIC Asset primarily handled the assets of outside insurance companies and had $9.3 billion under management March 31. Advantus was the vehicle for the insurance company's mutual funds; it has $5.6 billion in total assets under management.
Minnesota Mutual said the merger streamlines marketing and client service operations. Both units used the same portfolio managers, who are expected to remain in place, said Meredith Moore, Minnesota Mutual spokeswoman.
