MINNEAPOLIS, MN, October 12, 2012 – Foundry Partners LLC (“Foundry”) will launch in February 2013 with offices in Minneapolis and Cleveland in connection with its purchase of certain assets from Fifth Third Asset Management, Inc. (“FTAM”). Foundry will be majority-owned by its founding Principals, Tim Ford, Seamus Murphy and Amy Denn. Rosemont Investment Partners, LLC (“Rosemont”) will provide the equity capital and become the sole outside minority shareholder in Foundry.

Foundry Partners expects to launch with over $2 billion of advisory assets and will manage growth and value equity strategies for a client base that consists of primarily institutional, and sub-advised and modeled portfolios. Foundry will also establish a sub-advised investment relationship with Fifth Third Bank. The portfolio management and client service teams who support them are not expected to change, which assists with the orderly transition to Foundry of Fifth Third accounts. Foundry’s professionals will serve their clients from their current locations, including its headquarters in Minneapolis, MN. Transition of accounts to Foundry is subject to certain conditions, including potential client consent.

Tim Ford, with over 20 years of investment experience, will lead Foundry as its Chief Executive Officer. “All of the Principals are excited about the opportunity to create a majority employee-owned investment boutique. By partnering with Rosemont, Foundry will be supported by the most respected, value-added private equity partner to asset managers. This transaction provides a clear path to ownership for other leaders in the firm and preserves our operational independence, which is vital to serving our clients.” said Tim Ford, Managing Director of FTAM.

“Rosemont has gotten to know and respect FTAM management over the last five years. They have demonstrated great cohesion, professionalism and integrity during this process and we look forward to working with them over the coming years to grow Foundry and serve their clients’ needs,” said Genie Logue, Principal of Rosemont.

Terms of the transaction were not disclosed.

About Foundry Partners LLC

Foundry will be a majority employee-owned boutique investment firm based in Minneapolis, MN. Foundry will manage growth and value equity strategies for a client base that consists of corporations, Taft-Hartley, foundations and endowments, and sub-advised and modeled portfolios.

About Rosemont Investment Partners, LLC

Rosemont Investment Partners, LLC is a private equity firm focused exclusively on making investments in asset managers. Rosemont was formed in May 2000 to provide capital to fund management buyouts, recapitalizations and selected start-ups in the asset management industry. In addition to providing capital, the principals of Rosemont assist management in growing their companies by leveraging their decades of experience in advising asset management businesses. Foundry is Rosemont’s first investment in Rosemont Partners III, L.P.