CNO Financial Acquires Rialto Capital
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Carmel-based CNO Financial Group Inc. (NYSE: CNO) has acquired a minority interest in Rialto Capital, an investment management company headquartered in Miami. CNO has also agreed to invest in a number of Rialto-managed investment vehicles.
“This partnership demonstrates CNO’s commitment to allocate capital and diversify our investment portfolio to enhance shareholder returns,” said Gary Bhojwani, chief executive officer of CNO. “We are pleased to invest in Rialto and its proven management team, who are leading investors and asset managers in this important sector.”
CNO says the acquisition extends its in-house investment platform capabilities and expands its exposure into the commercial real estate market.
“We believe this relationship will help us continue to grow, both in our flagship real estate debt and equity strategies as well as in newly formed investment vehicles, to capitalize on the current investment environment,” said Jay Mantz, president of Rialto.
Financial terms of the deal were not disclosed.