A Wall Street Journal news report said the Charlotte-based BofA also wants to sell First Republic Bank, a private financial institution it inherited as part of BofA’s acquisition of Merrill Lynch & Co. last year.
As part of its 2004 acquisition of FleetBoston Financial Corp., BofA acquired Columbia, which had $386.4 billion in assets under management as of December 31, 2008.
The Journal said some BofA executives feel Columbia is redundant when compared to BlackRock Inc., a New York money manager that was partly owned by Merrill. BofA has no plans to sell its share of BlackRock, according to the newspaper.
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