Nationwide Mutual Insurance is selling its retail mutual funds business, NWD Investment Management, for $225 million in cash, plus the value of tangible shareholders’ equity on the balance sheet at closing, to its publicly traded Nationwide Financial Services division.

Nationwide Mutual raised the price of the sale by $25 million after it discovered additional tax benefits. The sale is expected to close in the second quarter.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.