Comerica has agreed to sell its 90% stake in Munder Capital Management to a team comprising Munder's management, private equity firm Crestview Partners and investment bank Grail Partners, an offer first disclosed by Pensions & Investments in June.
Comerica will receive $302 million for its stake in Munder, and it will also gain complete ownership of Munder's passive index division, World Asset Management, which has $16 billion in assets.
"We believe we can continue to offer Munder's products, but we don't need to be in the business of manufacturing these products," said Elizabeth Acton, Comerica chief financial officer.
Munder has $25.1 billion in assets, comprising $9.1 billion in actively managed equities, $6.3 billion in fixed income and $9.7 billion in cash management assets.
John Adams, president and CIO of Munder, said the deal "secures our independence for the future" and will allow employees to gain more ownership in the firm. When the deal closes at the end of the year, employees will increase their ownership stake to 25% from 10%, said Mr. Adams, Employees will have the opportunity to increase the stake up to 40% over the next several years, he added.
Crestview and Grail Partners, which advised Munder on the transaction, will own the remaining stake in the money manager. The exact ownership details were not immediately available.
Morgan Stanley advised Comerica on the deal.