Country’s second-biggest bank out to become its largest private
wealth manager.
Bank of America today announced an agreement to acquire U.S.
Trust, a firm catering to high-net-worth investors. Bank of America will pay
U.S. Trust’s parent company, Charles Schwab, $3.3 billion for the company. The
deal is expected to close in March.
With the takeover of U.S. Trust, the country’s fourth-largest
private wealth management service, Bank of America says it will become the largest
private wealth management firm in the United States, with an estimated $261
billion in assets under management.
U.S. Trust targets households with more than $2 million in
investable assets and has more than 13,000 such clients. The firm has
approximately $94 billion of assets under management. It was founded in 1853,
and now has more than 2,000 employees in 33 locations.
—Andrew Farrell
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