UK based Touchstone Investments, a wholly owned subsidiary of Western & Southern Financial Group, has completed the acquisition of the assets of 16 mutual funds from Fifth Third Asset Management, (FTAM), announced in April.
Subsequent to the deal, Touchstone's total fund lineup has touched 47 and assets under management to $13.5bn.
Touchstone Investments president Steven M Graziano said the acquisition is part of Touchstone's efforts to provide individual investors' access to institutional money managers through its mutual funds.
"In addition to increasing our assets under management, it gives us some new and interesting fund offerings, and access to a premier distribution system," Graziano added.
Fifth Third Bancorp president and chief executive officer Kevin T Kabat commented, "This strategic transaction allows us to focus on our strong distribution capabilities while offering Touchstone's larger product set to our customers."
Touchstone Investments is a mutual fund company that offers investors with access to institutional asset managers who act in a sub-advisory capacity.
A Cincinnati-based diversified financial start up, Western & Southern Financial Group managed more than of $50bn of assets as of 30 June 2012.