Bank of America Corp. has sold CTC Consulting LLC, a former unit of U.S. Trust Corp., back to the unit's employees.
CTC said Tuesday that the employees of the investment and consulting firm completed the buyout April 1.
Garbis P. Mechigian, CTC's chairman and chief executive, said in a press release that the transaction "was a natural progression" for his Portland, Ore., company. "Our new ownership structure will enable us to be a more nimble firm."
CTC, which advises on more than $28 billion of assets, did not say how much its employees paid.
A B of A spokesman said Thursday that the $1.7 trillion-asset Charlotte company retained a minority stake in the unit. He would not say how big the stake would be.
B of A also said that U.S. Trust clients will continue to have access to CTC services through referrals, and that CTC will remain a subadviser to certain funds.
U.S. Trust bought CTC in 1994 and sold itself to B of A in July for $3.3 billion.
