Securian Financial Group is buying a majority interest in Asset Allocation & Management Co. from a private equity fund managed by Stone Point Capital and related investors.
Asset Allocation, headquartered in Chicago, manages $16.4 billion in insurance company assets. The company will retain its brand and operate independently within Securian.
St. Paul, Minnesota-based Securian has about $46 billion in assets under management. The company owns Advantus Capital Management, which specializes in managing public and private fixed-income assets and real estate securities.
Recent asset management M&A transactions include Ares Management LP's (NYSE: ARES) deal for Energy Investors Funds in October, and Legg Mason Inc.'s (NYSE: LM) purchase of U.K. investment firm Martin Currie Holdings Inc., in July.