Leshner Financial Services has a new name and owner: Countrywide Financial Services Inc.
The sale of the Cincinnati money-management firm and mutual fund company to Countrywide Credit Industries Inc., a Pasadena, Calif., residential mortgage concern, closed this week. The $17 million stock deal was disclosed in December.
The purchase marks a foray into a new line of business for Countrywide, a New York Stock Exchange-listed company. It also provides an opportunity for the former Leshner Financial to expand its $880 million Midwest family of mutual funds. Known best for bond products, Leshner Financial struggled to grow its mutual fund assets in recent years.
''I feel wonderful,'' Robert Leshner, who founded Leshner Financial in 1974, said Friday. ''I think everybody here does. ... They continue to back us in all our endeavors. We're looking to create a couple of new funds and still looking for new employees.''
Leshner Financial has about 85 employees, with plans to add at least another 15.
Mr. Leshner, 56, gives up his title of chairman but continues as the top local executive for the former Leshner Financial with one of his previous titles: chief executive. He also takes on the title of president.
Michael Andrew, who was president of Leshner Financial, resigned and has returned to his former home in South Florida.
Angelo Mozilo, vice chairman of Countrywide, becomes chairman of the company's newest wholly owned subsidiary.
Leshner Financial was the fourth major Cincinnati-area money-management firm to sell all or part of its assets to outsiders in the last year and a half.
