United Asset Management sold Colony Capital Management back to its principals. Terms were not disclosed.
The management buy-back was in the best interests of UAM, Colony and its clients, said Jonathan V. Hubbard, a UAM spokesman.
Colony manages $500 million for institutional and retail investors. T. Marion Slaton, a spokesman for Colony, refused to comment on the repurchase and referred all calls to UAM. He did say all Colony clients had been contacted and had agreed to stay with the firm after the sale. Mr. Slaton would not confirm the number of clients or a breakdown in assets under management, saying it would not be in the best interests of our clients to comment.
According to the Money Management Directory, Colony has 79 retail and 49 tax-exempt clients, although more than half of its total assets are institutional.