Fifth Third Bancorp in Cincinnati is buying an investment management firm in its hometown.
The $143 billion-asset company announced Tuesday that it has agreed to buy the Retirement Corporation of America, an advisory firm that focuses on the needs of retirees.
The deal is expected to close in April. No additional details were provided.
"Consistent with the feedback we have received from clients, we are committed to providing innovative solutions that help our clients prepare for retirement," Phil McHugh, Fifth Third's executive vice president and head of wealth and asset management, said in a news release.
Fifth Third CEO Greg Carmichael has said in recent months that he has been exploring nonbank acquisitions. The company is currently prohibited from buying banks because of a downgrade last summer in its Community Reinvestment Act compliance score.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access