Bank of America (BofA) is exiting the private equity business it acquired when it purchased Merrill Lynch at the end of 2008, The Wall Street Journal reports. The assets are valued at about $5 billion.
The Merrill Lynch private equity assets, known as BAML Capital Partners, will remain on BofA’s balance sheet until they are wound down. The firm will spin off BAML into its own unnamed firm, which will then manage the bank’s private equity assets for a fee, adds Reuters.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Reuters.