BIRMINGHAM, Mich. — As the sale of Munder Capital Management nears a close, sources say that a bid from management might be substantial enough to wrangle the money manager free from its parent, Detroit-based Comerica Inc.
Comerica, which owns a 95% stake in Munder, received several formal offers for the money manager earlier this month and is in the process of evaluating each of the bids, according to sources. Dennis Mooradian, executive vice president of Comerica's wealth and institutional management group and chief executive officer of Munder, was not available for comment.
Sara Snyder, spokeswoman for Comerica, declined to comment.
The Munder management team, backed by New York private equity firm Crestview Partners LLC, appears to have the strongest offer, according to sources.
Also said to have placed bids: New York Life Investment Management LLC,New York; American Century Investments, Kansas City, Mo.; Lincoln Financial Group, Philadelphia; and Principal Financial Group, Des Moines, Iowa.
Brian Spano, spokesman for American Century, confirmed the firm had made a bid. But he added American Century "is currently not participating in any discussions with Comerica" to acquire the bank's stake in Munder.
Representatives for Munder, NYLIM, Lincoln and Principal all declined to comment.