An Investment Advisers management team headed by Keith Wirtz, IAI president and CIO, has agreed to acquire most of IAI’s business from its parent company, Lloyds TSB Group. The new firm will manage U.S. and international equity investments for institutional clients.
In a related deal, Federated Investors will purchase IAI’s $400 million in mutual fund assets. Federated said it will assume the investment management, distribution and servicing for the 11 funds.
None of the parties would disclose terms of the deals. As of May 31, IAI managed $1.8 billion in assets, including the mutual funds.
