BofA completes acquisition of U.S. Trust

Bank of America Corp. said it has completed its $3.3 billion purchase of U.S. Trust Corp. from Charles Schwab Corp.
JUL 02, 2007
Bank of America Corp. said it has completed its $3.3 billion purchase of U.S. Trust Corp. from Charles Schwab Corp. The new entity was renamed U.S. Trust Bank of America Private Wealth Management. (InvestmentNews, June 18) It consists of New York-based U.S. Trust's wealth-management business and Charlotte, N.C.-based Bank of America's private bank and has $265 billion in assets under management and $427 billion in total client assets. The investment management businesses of Bank of America and U.S. Trust are being integrated within Columbia Management, Bank of America's asset management business. The alternative investments groups of both companies are also being combined. Frances Aldrich Sevilla-Sacasa runs the combined unit, which serves clients with at least $3 million of investable assets. "In combining the rich history, unparalleled resources and extraordinary intellectual capital of both organizations, U.S. Trust provides a unique and distinctive experience to each and every client," said Brian Moynihan, president of Bank of America Global Wealth & Investment Management, according to a statement. The new unit has nearly 134,000 clients and more than 4,800 employees, a majority of whom work directly with clients. It runs nearly 150 offices in 32 U.S. states. Charles Schwab bought New York-based U.S. Trust in 2000 for $2.7 billion.

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