After a series of stumbles in the data storage business, Imation Corp. is ready to try something completely different.
In recent filings with the Securities and Exchange Commission, the Oakdale-based company described a plan to move Imation into the asset-management business with the help of Clinton Group Inc., a New York hedge fund that recently ousted the company's top executive.
Imation has been liquidating its core businesses and sold its corporate headquarters in Oakdale earlier this year, but the company still has an office in Minnesota. Imation hopes to steer as much as $1 billion in asset management work to Clinton within five years.
Since Imation has no track record in asset management, the proposal will hinge on the reputation and marketing savvy of Clinton.