Bank of America Corp. sold its special fiduciary services division because it could not find a "natural fit" for it in any of its wealth management businesses, according to a spokesman, and the division's founder said he felt as if the Charlotte company were "encumbered" by it.

The division, which B of A acquired as part of the July 2007 purchase of U.S. Trust Corp. from Charles Schwab Corp., was sold last week to Evercore Partners Inc., a boutique New York investment manager. The price was not disclosed.

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