Bear Stearns Asset Management plans to acquire TimesSquare Capital Management's fixed-income business from CIGNA, according to Abbey Huret, Bear Stearns communications director, and CIGNA spokesman Joe Mondy. Financial terms were not disclosed. As part of the deal, TimesSquare's 12-person fixed-income group would move to Bear Stearns. Bear Stearns has $23 billion in total assets under management, including $9.3 billion in fixed income; TimesSquare runs $6 billion in fixed-income assets.
Last month, CIGNA agreed to sell TimesSquare's equity business to Affiliated Managers Group; Mr. Mondy said CIGNA wants to focus on its core health insurance operations.