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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 ...