EMAIL DETAILS

Jack,
Do you have a relationship at BoA that would give us an inside track? On
the surface its certainly interesting.
Best,
Devon

From: Jack Casey <jcasey@meridiancompaniesllc.com>
Date: Tue, 19 Apr 2011 22:14:08 -0400
To: Arlene Busch <abusch@rosemontseneca.com>, Hunter Biden
<hbiden@rosemontseneca.com>, Devon Archer <darcher@rosemontseneca.com>
Subject: VOLKER RULE OPPORTUNITY FOR ROSEMONT-SENECA ?

BofA to spin off $5 bln private equity unit
Tuesday, April 19, 2011 6:55PM
Reuters* BofA to spin off primary private equity unit* Division manages $5
bln in assets* Bank will keep assets on balance sheet until wound downBy Joe
RauchCHARLOTTE, N.C., April 19 (Reuters) - Bank of America Corp BAC.N plans
to spin off its last large private equity fund, with more than $5 billion in
assets, and has no plans to make new private equity investments, a company
spokesman said on Tuesday.Bank of America, the largest U.S. bank by assets,
will spin off BAML Capital Partners into its own unnamed firm.The firm would
then manage the bank's private equity assets for a fee -- winding those
positions down over time -- and could begin accepting outside investors.The
assets will remain on BofA's balance sheet until they are wound down.Company
spokesman Jerry Dubrowski said BofA determined the business was "not
strategically critical to customers and our clients" and the decision was
made to spin off the unit.Dubrowski said the head of the new firm had not
yet been announced, and it was not immediately clear the number of employees
that would move to the new firm.The spin-off is the latest in a series of
moves by the bank to comply with the Volcker Rule, a part of the financial
regulatory overhaul law passed in 2010 that limits proprietary trading, or
investments by banks using their own capital. It also fits with Chief
Executive Brian Moynihan's efforts to sell off extraneous business units.In
2010, the bank spun off Banc of America Capital Investors, a $1.4 billion
private equity group to form Ridgemont Equity Partners, under a similar
structure. (Reporting by Joe Rauch; Editing by Tim Dobbyn)

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