ATLANTA, Jan. 3 /PRNewswire/ -- Trusco Capital Management, Inc. ("Trusco")
announced today that it has signed a definitive agreement to acquire a
minority equity interest in Alpha Equity Management LLC ("Alpha Equity").
Alpha Equity manages a variety of equity hedge funds and is one of the
pioneers in active extension (also referred to as 130/30) strategies, where it
has six-year performance records in multiple asset classes.
The addition of Alpha Equity will allow Trusco to participate in the
tremendous growth that is anticipated for alternative investments,
particularly in 130/30 strategies. Total assets in 130/30-type products is
currently estimated at $100 billion, and some sources estimate that over the
next five years, demand in both the institutional and retail marketplaces
could drive that number to more than $1 trillion in assets.
"We are pleased to be adding Alpha Equity's products to Trusco Capital's
line up," said David H. Eidson, Chairman and CEO of Trusco Capital Management.
"Our clients, who continue to seek new ways to diversify their portfolios,
will have a keen interest in this addition given Alpha Equity's very
impressive six-year performance record and its managers' expertise in running
long/short portfolios. Alpha Equity's team is committed to delivering
superior investment performance to its clients and has a high focus on client
satisfaction. I have no doubt that Alpha Equity will be a good fit for our
clients and our business."
"My partners and I are excited about joining forces with Trusco," said
Kevin Means, CFA, Founder and Managing Partner at Alpha Equity. "This
strategic partnership brings together Alpha Equity's strong and successful
investment methodology and long-term performance record with Trusco's solid
client relationships, extensive distribution network and institutional
infrastructure. The 130/30 market represents a convergence between long-only
asset management and hedge fund alternative management. We believe this
partnership will help both firms capitalize upon Alpha Equity's first mover
advantage in this fast growing strategy."
In this partnership with Trusco, Alpha Equity will operate as an
independent alternative asset management boutique under the Alpha Equity name,
will maintain its offices in Hartford, Connecticut and New York City and will
continue to service its current client base. Current Alpha Equity clients
will experience no change in the people, investment style, processes and the
service they have come to value over the years.
About Trusco Capital Management Inc.
Trusco Capital Management, Inc. is a subsidiary of SunTrust Banks, Inc.
(NYSE: STI), one of the largest bank holding companies in the nation with
total assets of $175.9 billion and total deposits of $115.9 billion as of
September 30, 2007. Through its Wealth and Investment Management Division,
SunTrust has approximately $250 billion in managed and advised client assets.
As SunTrust's primary provider of institutional investment management
services, Trusco 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., with approximately $74 billion in assets under management. For
more information about Trusco, visit www.truscocapital.com.
About Alpha Equity Management LLC
Alpha Equity Management, LLC, founded in 2000, manages a variety of equity
hedge funds, is a pioneer in active extension (130/30) strategies and has over
$200 million in assets under management. The firm has six-year performance
records in three asset classes: U.S. Real Estate Equities, U.S. Equities and
International Equities for institutional clients and high net worth
individuals. Alpha Equity Management's headquarters is in Hartford,
Connecticut, and it has an office in New York, N.Y. Alpha Equity is an SEC
Registered Investment Adviser. For more information about Alpha Equity, visit
www.alphaequityllc.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.
SOURCE Trusco Capital Management Inc.
Hugh Suhr of Trusco Capital Management, Inc., +1-404-827-6813; or Charles
Krusen and Alan Glatt, both of Alpha Equity Management LLC, +1-646-708-9395
