Just five months after agreeing to buy Old Mutual Asset Management’s funds from the firm’s U.S. mutual fund business, Cincinnati, Ohio-based Touchstone Advisors today revealed that it is acquiring the assets of 16 mutual funds from Fifth Third Bancorp.

The deal is expected to close some time in September 2012. It is expected to increase Touchstone’s assets under management to $13 billion (pending the closing of Touchstone’s Old Mutual deal this month) and create new sub-advisory relationships with FTAM. Fifth Third will be retained as sub-advisor for the Strategic Income Fund and Micro Cap Fund.

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