BB&T Corp. will acquire a 70% ownership stake in privately held Sterling Capital Management, which has roughly $8 billion in assets under management, said Kenneth R. Cotner, COO of Sterling Capital. Sterling's five managing directors will continue to lead the firm, which will keep its name and operate as an independently managed subsidiary of BB&T. The firms aren't disclosing terms of the deal.
A.-C. McGraw, BB&T spokeswoman, said the transaction remains subject to approval of the board of governors of the Federal Reserve System and the New York Stock Exchange. She said the companies expect to complete the deal in the second quarter.
BB&T's BB&T Asset Management unit has roughly $16 billion in assets under management.