Industry

Robeco Groep, a Netherlands-based independent asset management company, has agreed to purchase Harbor Capital Advisors of Toledo, Ohio from Owens-Illinois, a manufacturer of glass and plastic packaging, for up to $490 million in cash, Robeco Group announced last week. Harbor Capitol Advisors oversees the Harbor Fund family of mutual funds, as well as Owens-Illinois'

Prudential PLC of London announced last week that it plans to buy American General Corporation of Houston for $22.3 billion.

While the stated reason for Stilwell Financial's decision to buy back Janus employee stock was to redistribute equity within the company and offer existing managers some liquidity, the company's actual motives are a subject of speculation among industry observers.

The BISYS Group of Little Falls, N.J. has announced that it will acquire Boston Institutional Group of Boston, an outsourcing services provider for mutual fund complexes, for $35 million. The purchase will add 30 major mutual fund complexes to BISYS's customer list, according to the company. The transaction is expected to be completed by May, according to BISYS.

Whatifi Asset Management of San Francisco, the manger to the five fledgling Whatifi online mutual funds, is receiving an unspecified cash infusion as part of a second-round financing agreement with CIBC Capital Partners, a New York venture capital firm and a unit of CIBC World Markets of Toronto.

In a deal to solidify its status as Canada's largest mutual fund company and strengthen its hand against foreign-owned competitors, Investors Group of Winnepeg, Manitoba, has agreed to acquire the fifth-largest firm, Mackenzie Financial of Toronto.

UMB Financial Corporation of Kansas City, Mo. signed a letter of intent last week to acquire Sunstone Financial Group of Milwaukee, Wis. for an undisclosed amount, according to Mim Allison, president and CEO of Sunstone.

Thomas H. Bailey, CEO and founder of Janus Capitol of Denver, sold half his stake in Janus to the company's parent, Stilwell Financial of Kansas City, Mo., for an undisclosed amount, Stilwell has announced.

The Hartford Financial Services Group of Simsbury, Conn. has agreed to purchase Fortis Financial Group, the variable life insurance, mutual fund and annuity arm of Fortis of Woodbury, Minn., for $1.12 billion in cash, Fortis has announced.

Strong Capital Management of Menomonee Falls, Wis., the investment firm which manages the Strong family of funds and over $42 billion in assets, has announced it will exercise its option to acquire Strong Schafer Capital Management, the alliance between Strong and Schafer Capital Management.