Consulting firm goes independent

Fund Evaluation Group was acquired by the firm's executives from parent Old National Bancorp, said Scott Harsh, Fund Evaluation president and CEO. Terms were not disclosed. Mr. Harsh said FEG's management team late last year began discussing the buyout with Old National executives, who wanted to focus more on the bank's strategic banking business. "Our desire to become a high-performing community bank continues to drive our strategic decisions," Bob Jones, Old National Bancorp president and CEO, said in a news release. Fund Evaluation, an investment consulting firm acquired by Old National in 2002, can function best as an "independent and objective adviser" and an employee-owned firm, Mr. Harsh said. The acquisition should be completed by Sept. 30.