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Fifth Third unit to close equity management strategies

Fifth Third Bancorp is closing a segment of ClearArc Capital Inc.'s operations that manages equities, the Cincinnati Business Courier reported Oct. 11, citing company spokeswoman Shandi Huber.

The portion that will be closed includes Core Plus Fixed Income and Strategic Income Plus strategies. The investments are expected to wind down by the end of 2018. Upon closing, ClearArc will manage only traditional fixed-income and short-term fixed-income investments, according to the report.

Furthermore, Jonathan Reynolds, who is currently the chief investment officer at Fifth Third Investment Advisors, was appointed president and chief investment officer of ClearArc, the report added. The company did not disclose whether Dave Withrow, ClearArc's current president, has left the company.