Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Investors Financial Makes Private Placement

Investors Financial Services Corp. of Boston sold 900,000 shares of its common stock at $29 a share - a deal worth $26.2 million - to a private investor on March 26. The firm provides mutual fund and asset administration services.

The investor is Robert Day, chairman and chief executive officer of U.S. Trust Co. of the Northwest, an investment management firm in Los Angeles. Day bought the stock for his own private portfolio, according to an Investors Financial spokesperson. Day's acquisition makes him a six percent owner of the firm, which has 15 million shares outstanding.