Truist keeps downsizing with deal to sell asset-management business ...Middle East

Enjoy complimentary access to top ideas and insights — selected by our editors. Truist is selling Sterling Capital Management, which had $76 billion of assets under management at the end of December. The buyer, Guardian Capital Group, said that Sterling Capital will operate as a standalone entity and continue to be led by its current management team.Scott McIntyre/Bloomberg Truist Financial intends to sell an asset-management subsidiary, marking the latest step in the superregional bank’s effort to realign and simplify its operations. Charlotte, North Carolina-based Truist confirmed Friday that it has reached an agreement to sell Sterling Capital Management to Guardian Capit

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