CHARLOTTE, N.C. - Bank of America Corp., which bought half of Marsico Capital Management LLC in February 1999 for about $150 million, will pay about $950 million for the rest of the fast-growing company.
The deal, announced Wednesday, is expected to close in early 2001.
Marsico, which was founded in September 1997, manages over $15 billion of assets, up from $4.7 billion in February 1999.
Marsico, which manages investments for institutions, currently subadvises three of Bank of America's mutual funds.
Robert H. Gordon, the president of Bank of America's investment advisory arm, said that the firms were working together on additional investment products, including mutual funds and alternative investments.