BankAmerica Corp. has closed its deal for a 50% stake in Marsico Capital Management, a Denver asset manager, and promoted two executives in its private bank.
In November, BankAmerica announced its intention to buy a position in Marsico for roughly $150 million. The deal closed Tuesday.
The banking company's relationship with the investment company stems from a subadvisory link BankAmerica's predecessor, NationsBank Corp., formed with Marsico in January 1998.
Founded in September 1997 by Thomas F. Marsico, the firm manages $4.7 billion of assets for both institutions and retail investors.
Mr. Marsico was previously a star manager at Janus Funds, also of Denver. Charlotte, N.C.-based BankAmerica has described the deal as a financial transaction rather than a bid to increase its asset management business.
There is no provision in the deal for BankAmerica to increase its stake in Marsico.
Last week's private-bank promotions at BankAmerica started with Timothy Geraghty, the Atlanta market executive, who was named regional executive for private banking in Northern California. He will be based in San Francisco.
He succeeds William C. Helms, who was named president of the company's Private Bank East last month. Mr. Helms is co-head of the private banking division with Kathleen Brown, the president of Private Bank West.
The appointments stemmed from the alignment of NationsBank's private- client services with those of the old BankAmerica. NationsBank bought BankAmerica on Sept. 30.
Mr. Geraghty, who has worked at NationsBank for 20 years, is to oversee 30 relationship managers, who have primary contact with wealthy clients.
He is succeeded in Atlanta by M. Ann Cox, who had worked at NationsBank since 1993. Ms. Cox oversees 24 relationship managers in Atlanta who specialize in either credit or trust. She most recently oversaw development of services, including financial, tax, and estate planning.
At yearend the private bank had $120 billion of assets under management, $17 billion of loans outstanding, and $12 billion of deposits, BankAmerica said.