Banc of America Investment Advisors Inc., the adviser to the Liberty All-Star Funds, said Friday that it had agreed to sell the portfolios to ALPS Advisers Inc.
The portfolios are related closed-end equity funds - the Liberty All-Star Equity Fund, which had $1.2 billion of assets under management at June 30, and Liberty All-Star Growth Fund, which had $150 million under management then. The deal is expected to close by yearend; its price was not disclosed.
Under terms of the agreement, Liberty All-Star's management team is expected to join ALPS, which is a subsidiary of Denver-based ALPS Holdings Inc. ALPS Holdings is a portfolio company of Lovell Minnick Partners LLC, a private equity firm that focuses on investments in the financial services industry. The management team is expected to remain in Boston, where the Bank of America Corp. subsidiary is headquartered.
