NationsBank sells its asset-managing unit.

DALLAS - NationsBank said it has completed the sale of Amresco, the company's asset-management unit, to CGW Southeast Partners.

As previously announced, NationsBank sold Amresco for its book value and, in exchange for a commitment not to reenter Amresco's business, will receive additional consideration, including a participation in future earnings. This participation consists of 25% of net income, after a return to the purchaser, for a set period.

Amresco, or Asset Management Resolution Co., manages about $10 billion in assets for both the public and private sectors.

CGW Southeast is a risk-capital limited partnership based in Atlanta.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER