Chicago Equity Partners five senior managers President and CIO James Miller and managing directors David Coughenour, David Johnsen, Robert Kramer and Patrick Lynch will buy the company outright from Bank of America Capital Management and share ownership equally.
Terms were not disclosed, but Bank of America spokesman Jack Hausman said the split is amicable. The deal is expected to close in the next few months, pending regulatory and shareholder approval.
Chicago Equity, which manages $7 billion, will keep its existing client list and will continue to subadvise Bank of Americas Nations Blue-Chip and Nations Asset Allocation funds.
The banks asset management group agreed to the change because of an overlap in quantitative equity management, Mr. Hausman said.