Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, Mass., has announced it has completed its previously announced purchase of First Mercantile Trust Company from SunTrust Banks, Inc.
Headquartered in Memphis, Tenn., First Mercantile provides retirement plan recordkeeping and investment management services throughout the U.S. With nearly $5 billion in assets under management as of Dec. 31, 2007, First Mercantile’s operations adds complementary products and further scale to MassMutual’s existing $40 billion retirement plan business.