Lennar Corporation has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for US$340m. The transaction is scheduled to close on 30 November, subject to consent by the funds managed by Rialto and customary closing conditions. Lennar will retain its Rialto Mortgage Finance business, which it expects to move into its financial services business at the beginning of fiscal 2019, as well as its fund investments (representing US$294m, as of 31 August) and carried interests in various Rialto funds and legacy Rialto balance sheet assets.
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