Wall Street's Oldest Fund Placement Biz To Close
Bank of America has decided to discontinue the fund placement business it acquired via the Merrill Lynch merger. A source familiar with the situation tells me that the Merrill team is currently helping to raise between 15 and 20 funds, and will continue full-service through at least the beginning of Q4 (and probably through year-end). It will not take on any new clients, but will work to transition existing ones to other placement agents if needed. The group employs more than 30 professionals, including head of origination Loren Boston (who previously ran Citi’s placement biz). No word yet on if there will be some sort of independent spinout, or if most folks will go their separate ways. Bank of America’s decision effectively ends Wall Street’s oldest and most fertile fund placement business. The unit began back in 1981, and its veterans have spawned similar groups at banks like Credit Suisse/DLJ and Lazard.
