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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Sentinel Asset Management, Inc. (National Life Holding Company)
  • Touchstone Advisors, Inc. (Western & Southern Financial Group)
  • Mutual Fund
  • April 19, 2017
  • $5.5 Billion

Seller Details

Headquartered in Montpelier, Vermont, Sentinel Asset Management, Inc. is a diversified asset management firm offering U.S. equity, international equity, and fixed income asset management services in mutual fund, corporate, and sub-advisory accounts. The firm is dedicated to fundamental bottom-up research and is attentive to managing downside risk. Sentinel offers portfolios built around its core asset strengths. The portfolios are managed by specialized independent teams, led by managers with deep industry experience. The teams follow clearly stated goals for market capitalization, duration and other investment characteristics, without taking extreme style bets.

Buyer Details

Touchstone Investments is a Distinctively Active mutual fund company committed to providing investors with access to institutional asset managers who act in a sub-advisory capacity. Managed by sub-advisors with high conviction, concentrated portfolios, Touchstone’s entire equity fund lineup is composed of high Active Share funds which means their holdings are highly differentiated from their benchmarks. Touchstone’s sub-advisor selection and monitoring approach is built upon the conviction that an asset manager’s organizational stability, quality of its personnel, adherence to its investment discipline and infrastructure represent the elements of repeatable, value-added performance results over time. This philosophy has resulted in a diverse but focused product offering that gives investors a full breadth of investment options across styles and asset classes. The Touchstone Funds are advised by Touchstone Advisors, Inc., a registered investment adviser, and are distributed nationally through intermediaries including broker-dealers, financial planners and institutions by Touchstone Securities, Inc., a registered broker-dealer and member FINRA/SIPC. Touchstone, Touchstone Funds and Touchstone Investments are federal service mark registrations and applications owned by IFS Financial Services, Inc. Touchstone Securities, Inc., Touchstone Advisors, Inc., and IFS Financial Services, Inc., are members of Western & Southern Financial Group (Western & Southern).

Transaction Summary

Under the terms of the purchase agreement, nine Sentinel retail funds and four Sentinel variable products funds will be reorganized into either existing Touchstone funds or into newly created Touchstone funds, and after the reorganizations, the funds will be advised by Touchstone.

The acquisition is expected to increase Touchstone’s assets under management to approximately $20 billion. Sentinel currently manages 11 mutual fund strategies with combined assets under management of $5.54 billion as of Feb. 28, 2017.

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