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Bank of America acquires Marsico Capital Management

June 28, 2000 05:22 PM
CHARLOTTE, N.C., June 28 (Reuters) - Banking giant Bank of America Corp. BAC said on Wednesday it acquired Denver-based Marsico Capital Management LLC for $1.1 billion.

Marsico is an investment management firm specialising in large capitalisation growth stocks.

The firm, which manages more than $15 billion in assets, was formed in September 1997 by Thomas Marsico, its chairman and chief executive. Marsico had been with the Janus mutual funds group for many years.

A Bank of America spokeswoman said the company would not disclose terms of the deal other than the purchase price. An announcement said the deal is expected to close early next year following approvals.

"Marsico Capital Management will continue to operate as we do today, benefiting as Bank of America expands distribution capabilities," Thomas Marsico said in a statement.

The announcement said that Banc of America Capital Management will continue to expand its internal investment management team. The capital management unit is part of the company's Asset Management Group which had more than $261 billion in assets under management as of March 31.

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