EXHIBIT 99.1
News
- --------------------------------------------------------------------------------
(SUNTRUST LOGO)
For Immediate Release
April 13, 2004
SUNTRUST'S TRUSCO CAPITAL ACQUIRES SEIX INVESTMENT ADVISORS
Combined Organization to Rank Among Nation's Top Institutional Money Managers
ATLANTA - SunTrust Banks, Inc. (NYSE: STI), the holding company for Trusco
Capital Management, Inc. ("Trusco") announced today that Trusco has signed a
definitive agreement to acquire Seix Investment Advisors ("Seix"), one of the
leading institutional fixed income boutiques in the country with over $17
billion in assets under management.
The addition of Seix will bring total SunTrust assets under management
to $117 billion. Based on current industry rankings, the combined organization
will be one of the 30 largest managers of institutional assets and one of the
five largest managers of endowment and foundation assets in the country.
"Broadening our institutional asset management capabilities is a key
strategic priority for SunTrust. The acquisition of Seix is a significant step
in line with that priority," said L. Phillip Humann, SunTrust chairman,
president and CEO. Mr. Humann said the structure of the transaction announced
today "reflects our recognition of the fact that Seix is a premier company with
recognized fixed income expertise and exceptional growth characteristics."
"My partners and I are thrilled to join forces with SunTrust and
Trusco," said Christina Seix, CFA, chairman and chief investment officer of Seix
Investment Advisors. "Like Seix Advisors, SunTrust and Trusco are known for
integrity, honesty and quality. This combination will have real benefits to our
clients, the most tangible one being the continued stability in our talented
professional team. Our clients will experience no change in the people,
investment style, processes and service they have come to value over the years.
A combination of long-term employment agreements and a multi-year retention pool
ensures that the team we have carefully assembled over the past 12 years will
remain intact and motivated long into the future."
-more-
2
"The Seix fixed income team is talented, experienced and highly
competitive. Importantly, this is also a great cultural fit as the Seix team,
like Trusco, is focused on strict adherence to their investment disciplines,
sound fundamental investment research and quality client service. We look
forward to combining their expertise in high grade and high yield investing with
our own capabilities to further serve our clients and to continue to
successfully grow the business," said Douglas S. Phillips, CFA, president, chief
executive officer, and chief investment officer of Trusco Capital Management.
Seix will operate as a separate institutional fixed income boutique
under the Seix name, maintain its headquarters in Woodcliff Lake, N.J., and
continue to service its current client base. Ms. Seix will continue in her
current role as chairman and chief investment officer.
About Trusco Capital Management Inc.
Trusco Capital Management, Inc with over $50 billion of assets under
management, provides customized investment management to a growing client base
that includes endowments, foundations, corporations, healthcare organizations,
municipalities, public funds, associations, insurance companies, labor unions
and high net worth individuals. Trusco employs specialists in a wide variety of
investment disciplines including liquidity management, fixed income and equity
management. In addition, the firm serves as the investment adviser to the STI
Classic Mutual Fund family. Trusco Capital Management is an SEC Registered
Investment Adviser headquartered in Atlanta, Ga. For more information about
Trusco visit www.truscocapital.com.
About Seix Investment Advisors, Inc.
Seix Investment Advisors, Inc. is one of the leading institutional
fixed income managers in the country with over $17.0 billion in assets under
management. The firm provides core, core plus, high yield and customized fixed
income solutions to institutional clients including endowments, foundations,
corporations, healthcare organizations, municipalities, public funds,
associations, insurance companies, labor unions and high net worth individuals.
Seix Investment Advisors is located in Woodcliff Lake, New Jersey just outside
of New York City. Seix Investment Advisors is an SEC Registered Investment
Adviser. For more information regarding the firm please visit
www.seixadvisors.com.
-more-
3
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the
nation's largest commercial banking organizations. As of March 31, 2004 SunTrust
had total assets of $125.2 billion and total deposits of $80.9 billion. The
company operates through an extensive distribution network primarily in Florida,
Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also
serves customers in selected markets nationally. Its primary businesses include
deposit, credit, trust and investment services. Through various subsidiaries the
company provides credit cards, mortgage banking, insurance, brokerage and
capital markets services. SunTrust's Internet address is www.suntrust.com.
###
This press release may contain forward-looking statements, as defined by federal
securities law, which involve significant risks and uncertainties. Actual
results could differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to: changes in
interest rates; changes in accounting principles, policies, or guidelines;
significant changes in the economic scenario: significant changes in regulatory
requirements; and significant changes in securities markets. SunTrust does not
undertake to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are made. Any
such statements are made in reliance on the safe harbor protections provided
under the Private Securities Act of 1995. For further information regarding
SunTrust, please read the SunTrust reports filed with the SEC and available at
www.sec.gov.