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.

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