Cargill exits asset management business with sale of CarVal Investors

CHICAGO - Cargill Inc [CARGIL.UL] has agreed to sell fund manager CarVal Investors, representatives for both companies said on Thursday, marking the commodity trader’s exit from the asset management business.

Cargill is selling its economic interest in CarVal, which has about $10 billion under management, to a group of 17 CarVal employees, including its managing principals, chief financial officer and general counsel. The companies declined to disclose the price. Cargill wants to sell CarVal because Cargill is not actively managing the business, Olson said. The sale is unrelated to challenges facing the U.S. agriculture sector, including the trade war with China that has slowed American farm exports for more than a year, he said.

Cargill founded CarVal in 1987 and made it an independent subsidiary in 2006. The agribusiness will remain a significant investor in several of CarVal’s 23 funds and maintain its investments following the sale, according to CarVal.

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