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Fifth Third acquires retirement advisory firm in Cincinnati

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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.

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