Executives at Munder Capital Management have partnered with New York-based Crestview Partners to buy out Comerica's interest in the Birmingham, Mich.-based asset management firm.

"This transaction will help ensure that Munder Capital Management maintains its culture, as our management and client service teams remain in tact," said John S. Adams, president of Munder.

According to the terms of the agreement, Munder will pay Detroit-based Comerica $302 million, and cede full ownership of its World Asset Management division, a passive money management firm with $15.9 assets under management as of June 30.

The deal gives Munder's top executives and portfolio managers a minority stake in the company. Crestview and Grail Partners LLC, which served as buyout consultants to Munder, will control a majority share.

Munder's 185-member staff will continue to work form the company's Birmingham, Mich., headquarters. 

Although Comerica will no longer hold a stake in the $25.1 billion-firm, the bank will remain a major customer. Munder will continue to offer investment services to Comerica clients and use its distribution channels.

"Our rigorous, disciplined investment process will remain unchanged, thereby providing continuity to our institutional and retail clients," said Adams,

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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