Offitbank delays its planned IPO

September 13, 1998|By BLOOMBERG NEWS

NEW YORK -- Offitbank, a global money management company catering mostly to wealthy investors, will delay its planned initial public offering.

New York-based Offitbank, which manages about $10 billion, had originally targeted the second week in October for the sale of as much as $46 million in shares. But it has decided to "defer" the IPO until the market improves for fund-management companies, said Wallace Mathai-Davis, chief financial officer.

Fund manager Morris Offit, who formed his company in 1983, on Aug. 6 filed plans with the Securities and Exchange Commission sell part of his Offitbank Holdings Inc. to the public.

"We will remain in registration and are carefully monitoring" market conditions, Mathai-Davis said.

Pub Date: 9/13/98

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