Securian Financial Group agreed to purchase a majority interest in Asset Allocation & Management Co. from a private equity fund managed by Stone Point Capital and related investors, spokeswoman Maggie Jensen said Thursday.
Terms of the transaction were not disclosed.
AAM manages $16.4 billion in insurance company assets from its headquarters in Chicago. AAM will retain its brand, operate independently within Securian Financial Group and be governed by its own board of directors, a news release said.
“The transaction deepens our commitment to the asset management business and supports our long-term strategy as an enterprise,” said Chris Hilger, president, Securian Financial Group, in the news release.
Securian owns money manager Advantus Capital Management, which is based in St. Paul, Minn., and has $31 billion in assets.