Delaware Investments of Philadelphia announced the sale of its Unit Investment Trust (UIT) business to Nike Securities of Lisle, Illinois. Prior to the sale, Delaware supervised UITs with assets valued at about $200 million.
Under the terms of the sale, Nike Securities will assume responsibility for the distribution, servicing and supervision of Delaware's UIT assets. Delaware Investments and Nike Securities will also maintain a strategic relationship for product development.
Michael J. Woods, vice president and national sales manager of Delaware Investments said the firm has decided to maintain its retail market focus on its core retail products - mutual funds, variable annuities and participant-directed retirement plans.