CHARLOTTE, N.C. -- Nationsbank Corp. said ASB Capital Management will continue to operate as an independent investment manager when the proposed merger between NationsBank and the Washington, D.C.-based firm's parent company, MNC Financial, closes later this year.

As reported, NationsBank exercised its right in February to acquire MNC Financial under terms of a 1992 purchase-option agreement. The agreement gave Nationsbank the right to acquire MNC based on a formula price, which has been calculated at $15.17 per MNC common share.

ASB Capital Management has $1 1.1 billion of assets.

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