The Federal Reserve Board has approved the sale of Weiss, Peck & Greer LLC, a New York money management firm, to a unit of Rabobank NV, the third-largest bank in the Netherlands.

Rabobank is paying $375 million through Robeco Groep NV for the U.S. firm. Rabobank holds 50% of Robeco, one of Europe's largest independent money management firms.

Weiss Peck manages about $16 billion for institutions and individuals and is Robeco's third U.S. purchase in three years. The Dutch firm bought RREEF, a real estate manager with more than $8 billion of assets, in December. It bought a 40% stake in fixed-income manager Smith, Graham & Co. in 1996.

When the deal closes, Robeco would have about $85 billion under management.

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