Business Services Industry
CIGNA to sell fixed-income management team of New York-based unit.
Knight Ridder/Tribune Business News, October, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Oct. 6--CIGNA Corp. has agreed to sell the fixed-income management team of its New York-based TimesSquare Capital Management Inc. unit to Bear Stearns Asset Management Inc. Terms of the deal, announced Tuesday, weren't disclosed.
Bear Stearns will acquire a team of 12 fixed-income managers, which managed $6 billion in assets. Bear Stearns said a majority of TimesSquare's fixed-income clients are expected to transfer their business to Bear Stearns.
The business being sold focused on managing 401(k) and pension plan assets for institutional customers. In addition to the 12 managers, there are five staff members, whose jobs will be cut, a CIGNA spokesman said.
CIGNA...
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