Marsico buys itself back from BofA

Marsico Capital Management LLC founder and chief executive Thomas F. Marsico announced that he has agreed to buy back the Denver-based investment management firm from Charlotte, N.C.-based Bank of America Corp. Terms of the deal, expected to closed in the fourth quarter, were undisclosed. “I am pleased and proud that MCM will be an independent investment management firm,” Mr. Marsico, 51, said in a statement. “We feel this transaction solidifies [Marsico Capital’s] foundation, and helps ensure a long-term, successful future for our company. We have benefited greatly from our relationship with Bank of America for nearly 10 years, and we look forward to working closely with the bank for many years to come.” “We remain intensely focused on driving continued strong performance and results in our company’s asset management business, Columbia Management,” Brian Moynihan, president of Bank of America Global Wealth & Investment Management, said in a statement. “Columbia and its affiliates will continue to distribute Marsico sub-advised mutual funds, and Marsico will continue to serve as sub-adviser to various mutual funds, separately managed accounts, and wrap accounts sponsored by Columbia." Established in 1997, Marsico Capital has about $94 billion in managed assets and 71 employees. The company serves as investment adviser to The Marsico Investment Fund, also known as the Marsico Funds, an open-end mutual fund family. The firm also serves as sub-adviser to various mutual funds, variable insurance funds, separately managed “wrap” accounts, and manages assets for a variety of institutional clients including corporate retirement plans, college/university endowments, and foundations. Marsico Capital specializes in the management of growth-oriented equity strategies. It plans to launch a global equity strategy soon.