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Article: MBIA Agrees to Sell 1838 Investment Advisors.
- Article from:
- Business Wire
- Article date:
- March 29, 2004
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Business Editors
ARMONK, N.Y.--(BUSINESS WIRE)--March 29, 2004
MBIA Inc. (NYSE: MBI) announced today that it has agreed to sell the assets of 1838 Investment Advisors, LLC, an asset management firm focusing primarily on equities, to the management of 1838 together with an investor group led by Orca Bay Partners. The sale is expected to result in a small gain for MBIA.
MBIA president, Gary Dunton, said, "Over the past five years, we have been pleased with our ownership of 1838, but have decided to concentrate on fixed-income asset management. Our fixed-income operations are consistent with our core competency of credit analysis, are a natural ...