Bank of America Corp.'s announcement Wednesday that it would sell to Bank of New York Co. about $9 billion worth of custodial accounts was not particularly surprising, but it did give the Charlotte, N.C., banking company an opportunity to underscore its renewed commitment to high-net-worth investment management.

Investment management and asset management, along with electronic commerce, were singled out as areas for growth and investment in July, when the company announced major cutbacks and layoffs.

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