Cargill Inc. said Thursday it plans to exit the asset-management business, selling its CarVal Investors subsidiary to a group of CarVal employees, reports the Minneapolis/St. Paul Business Journal.
Reuters has a report on the deal for CarVal, which has about $10 billion under management.
Jay Olson, treasurer for Minnetonka-based Cargill and chairman of CarVal, said the agribusiness giant wanted to divest the unit because it wasn't actively managing the business.
