Fund manager's founder buys investment firm back from retail banking giant. Thomas Marsico has agreed to buy Marsico Capital Management (MCM), the asset-management firm he founded in 1997, back from Bank of America. MCM, which advises the Marsico Investment Fund, had been a wholly owned subsidiary of the Charlotte, N.C.-based bank.

Long term

Terms of the deal, which is expected to close in the fourth quarter, weren't disclosed.

"We feel this transaction solidifies MCM's foundation, and helps ensure a long-term, successful future for our company," says Marsico. "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."

Bank of America bought half of MCM, which it valued at around $300 million, in 1999. In 2001 it purchased the rest.

Denver-based MCM manages around $94 billion in assets, up from around $15 billion in 2000. -FWR

.