BankAmerica takes 50 percent stake in Marsico
November 16, 1998
BankAmerica Corp. will take a 50 percent stake in Marsico Capital Management, the Denver mutual fund company which portfolio manager Thomas Marsico started little more than a year ago. Terms of the transaction were not disclosed. The deal is expected to close in the first quarter of 1999. Marsico, a prominent portfolio manger who built his reputation with Janus funds, has gathered about $2.8 billion in assets since Marsico Capital was formed in September, 1997. BankAmerica exercised an option it held to make the purchase.
"This relationship with the largest bank in the country positions us well for the future," Marsico said in a statement. "We have built a strong foundation and are looking forward to the future with a great deal of excitement."