Nationwide Financial Services to buy 17 funds

Posted: April 04, 2013

Nationwide Financial Services Inc., whose mutual-fund unit is based in King of Prussia, said it had agreed to buy 17 equity and bond mutual funds from HighMark Capital Management Inc. The price was not disclosed.

The funds had $3.6 billion in assets at the end of last year and are expected to bring Nationwide Funds' total to about $51 billion, Nationwide said. Highmark, a unit of Union Bank, of San Francisco, will continue managing nine of the funds, which will be recast as Nationwide funds. The eight other funds will continue to be managed by other sub-advisers. The deal is expected to close in the third quarter, pending regulatory and shareholder approvals.

Nationwide Funds, which employs 80 in King of Prussia, sells the funds through financial advisers. Overall, Nationwide employs more than 1,100 in the Philadelphia region, the company said.

    - Harold Brubaker

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