Bank mutual fund executives are usually thrilled when a corporate merger brings with it a new batch of fund assets. After all, when it comes to scale, banks still have some catching up to do with their mainstream mutual fund rivals.

So when BankAmerica Corp. decided to put recently acquired Robertson Stephens Investment Management on the market in preparation for its merger with NationsBank Corp., a natural question was, "Why?"

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.