Comerica Subsidiary Sold Framlington Investment Management
Oct 31, 2005
DETROIT, Oct. 31 /PRNewswire-FirstCall/ -- Munder Capital Management, a subsidiary of Comerica Incorporated, today announced that Framlington Holdings Limited, which is 49 percent owned by Munder's United Kingdom subsidiary, Munder UK, L.L.C., and 51 percent indirectly owned by HSBC Holdings plc, has completed the sale of its 90.8 percent interest in London-based Framlington Group Limited to AXA Investment Managers.
AXA paid approximately $350 million in cash (197 million pounds) for the interest of Framlington Group. Comerica's after tax gain, net of associated costs, is expected to be approximately $32 million.
Munder, which acquired its stake in Framlington in October 1996, said the divestiture is consistent with its enhanced focus on domestic asset management.
The sale, announced in July of this year, received approval from the Financial Services Authority, a United Kingdom regulatory agency.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, Small Business and Personal Financial Services, and Wealth and Institutional Management. Comerica focuses on relationships, and helping people and businesses to be successful. Comerica reported total assets of $54.3 billion at September 30, 2005. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
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SOURCE: Comerica Incorporated
CONTACT: Media Contacts: Sara Snyder of Comerica, +1-313-222-9617;
Jacqueline Condie of Starkman & Associates for Munder Capital Management,
+1-212-252-8545, Ext. 13; or Investor Contact: Paul Burdiss of Comerica,
Web site: http://www.comerica.com/