Bank of America Corp. has combined its asset management operations under a single name, Banc of America Capital Management.
The move is meant to streamline reporting and management of the unit, which has $230 billion of assets under management.
The unit consolidates certain operations that have been added through Bank of America's acquisitions of banking companies. The group includes TradeStreet Investment Associates, Boatmen's Capital Management, Sovran Capital Management, and Banc of America Advisors.
Money management will be overseen in four locations, with equity in St. Louis, taxable and long-term fixed income in Los Angeles, and short-term fixed income in Charlotte, N.C., and Chicago.
The new name reflects the strength of the operations' expanded organization and resources, said Robert H. Gordon, client service and marketing executive.