Bank of America Corp. agreed to sell its prime equity brokerage unit to BNP Paribas SA, ending a lengthy effort by the $1.76 trillion-asset Charlotte company to shed a business that caters to hedge funds.
BNP Paribas, which is based in Paris, did not disclose the price. B of A would not discuss the deal.
The sale is expected to close next quarter. The unit has about 500 hedge fund clients and more than 300 employees. B of A said in January that it would sell the unit as it stepped away from certain activities in investment banking.
