SunTrust Banks (NYSE:STI) is about to let go of asset management firm RidgeWorth Capital Management. Both companies announced in separate press releases that they have signed an agreement for SunTrust to sell RidgeWorth to a consortium of its employees and an investor group related to private equity firm Lightyear Capital. The base price is $245 million, with a potential $20 million extra based on the retention of certain assets.

The sale is part of a broader effort by the bank to reduce its asset management activities. It estimates that it will book an after-tax gain of $50 million on the sale.

RidgeWorth had nearly $51 billion in assets under management as of the end of November.  SunTrust said it contributed roughly $25 million to its parent's $918 million in net income in the first nine months of this year. 

Both companies expect the transaction to close in Q2 2014. 

Fool contributor Eric Volkman has no position in SunTrust Banks. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.