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Defined Contribution

PFM to acquire stable value manager Fiduciary Capital Management

PFM will acquire institutional stable value manager Fiduciary Capital Management.

Terms of the deal were not disclosed. PFM will acquire the firm from Ohio National Financial Services.

Fiduciary Capital Management's $2.5 billion in assets under management will be transferred to PFM's money management business.

"The FCM team provides a great complement to our current array of asset management services," said John Bonow, PFM's CEO, in the release. "This planned acquisition adds a unique asset class to our very substantial fixed-income business and gives us the opportunity to manage assets in the defined contribution market. PFM and FCM share a conservative, income-oriented investment philosophy that strives for principal preservation."

David Starr, managing director at PFM, will lead the combined group, which includes six employees from FCM including Wayne Gates, FCM's president and chief investment officer, the release said. Further information could not immediately be learned.

PFM Asset Management had $77.5 billion in assets under management as of June 30.

In addition to stable value investment management, Fiduciary Capital Management provides "insurance company credit evaluation, annuity purchases and advisory services incorporating stable value," the release said.

A PFM spokeswoman could not immediately be reached for additional information.