After a brief hiatus, consolidation is once again ripping through the mutual fund business. And this time, banks are expected to participate.

On Monday, a spokesman for American Century Investments confirmed reports that J.P. Morgan & Co. is seeking to buy a noncontrolling stake in the Kansas City, Mo., fund company. The blue-chip bank is believed to be offering $900 million for 45% of American Century, which manages $58 billion. Morgan declined to comment.

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