Trusco Capital Management, a subsidiary of SunTrust Bank, announced that it will change its name to RidgeWorth Capital Management. Its liquidity and fixed-income products will be advised by a new subsidiary StableRiver Capital Management. The company says, "The STI Classic Funds, , which are advised by Trusco, will take on the new name of the Adviser on March 31, and become the RidgeWorth Funds."
Trusco Capital's STI Classic money funds rank 23rd among money fund managers with $25.6 billion in assets. Funds include STI Classic Prime Quality MMF, STI Classic Inst Cash Mgmt, STI Classic Inst US Govt, and STI Classic Inst US Treasury, among others.
As we noted in our story "SunTrust Discloses Backing of STI Classic Funds, 'Not a Precedent'", SunTrust took one of the largest writedowns of any institution to support its enhanced cash and money market mutual funds, fueling speculation that the company is preparing to exit the money market fund business. (See also, "SunTrust's STI Classic Funds Obtains No-Action Letter on Cheyne SIVs".) The company denies that it is preparing the advisory unit for sale.
