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Asset Sales: MBIA to Sell 1838 Investment Advisors.

The Bond Buyer

| March 30, 2004 | Chang, Helen | COPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MBIA Inc. yesterday agreed to sell the assets of its asset-management firm, 1838 Investment Advisors LLC, to the firm's management and an investor group led by Orca Bay Partners. In a statement, MBIA president Gary Dunton said the company has decided to focus on its fixed-income asset management business -- which he called "a natural extension of [MBIA's] financial guarantee business" -- rather than equity asset management, which is 1838's focus.

MBIA expects to make a small ...

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