For the second time in less than six months, ReliaStar Financial Corp. of Minneapolis has shown that it is intent on building up its mutual fund business.

ReliaStar has agreed to acquire Lexington Global Asset Managers of Saddle Brook, N.J. in a cash and stock transaction valued at $47.5 million, the companies announced last week. Lexington's money management subsidiary is adviser to the 13 Lexington Funds.

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.