Bank of America has been whittling down its private-equity portfolio as it prepares for new global standards that are expected to increase capital requirements for big banks, Dubrowski said. The move is also part of the bank's efforts.
Working for Sterling Stamos Capital Management, the group led by Jason Cipriani will manage 1.9 billion in private-equity investments the bank sold to AXA Private Equity in April. The new office will also manage another 2.7 billion in private-equity investments for the Charlotte bank.
The departing employees are familiar with the portfolio and have a good track record, said bank spokesman Jerry Dubrowski. Bank of America has a minority investment in Sterling Stamos that it inherited in the 2009 Merrill Lynch & Co. acquisition. The firm was started by Peter Stamos, chair of the investment advisory board for Major League Baseball.
Bank of America has been whittling down its private-equity portfolio as it prepares for new global standards that are expected to increase capital requirements for big banks, Dubrowski said. The move is also part of the banks efforts to focus on core businesses, he said.
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