BankAmerica Corporation to Divest Robertson Stephens Investment Management.SAN FRANCISCO--(BUSINESS WIRE)--June 9, 1998--BankAmerica Corporation (NYSE NYSE See: New York Stock Exchange :BAC BAC abbr. blood alcohol concentration ) today announced that it has decided to sell Robertson Stephens Investment Management in preparation for a pending merger with NationsBank. BankAmerica acquired Robertson Stephens & Company, which included Robertson Stephens Investment Management, in October 1997. In April 1998 BankAmerica announced its intention to merge with NationsBank. On May 29, BankAmerica announced that it had reached an agreement with BankBoston Corporation (NYSE: BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ) for that institution to acquire the investment banking operations of Robertson Stephens. Michael E. O'Neill, Vice Chairman and Chief Financial Officer, said BankAmerica has retained the services of Putnam, Lovell, de Guardiola, and Thornton; and Goldman, Sachs & Co. to evaluate proposals to sell Robertson Stephens Investment Management in the best interests of BankAmerica shareholders. G. Randy The name Randy generally derives from the names Randall or Randolph (meaning wolf with a shield). Randy is used as a given name primarily in the US and Canada. Men known as Randy
O'Neill and Hecht said that BAC and Robertson Stephens Investment Management have received a number of inquiries from parties expressing an interest in the investment management firm. Hecht said that it is important that the sale of Robertson Stephens Investment Management result in the best outcome for Robertson Stephens Investment Management's clients and employees. He added: "A key element of the sale is to preserve the entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. culture and investment capabilites of our team by providing management with an ownership interest in the new entity. We will continue to deliver to our clients Robertson Stephens-branded growth funds as we expand our contrarian/value funds." The sale of Robertson Stephens Investment Management does not include other units of BofA's Global Asset Management Group or the Pacific Horizon, Time Horizon, and World Horizon family of mutual funds for which Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. serves as administrator and investment adviser. Robertson Stephens Investment Management was founded in 1985 with an investment style focused on growth-stock investing. The firm has continued to build its growth stock expertise, adding experienced portfolio managers in its growth group. It has more than $4 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , including $2 billion in mutual funds. The company currently offers mutual funds, institutional accounts, private partnerships, including hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , and sub-advised accounts. Robertson Stephens Investment Management has 130 employees, including an investment staff of 37. Robertson Stephens Investment Management is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , with offices in Avon, Conn., and Tokyo. Bank of America's Global Asset Management Group manages $77 billion in assets, which include the assets in the Pacific Horizon, Time Horizon, and World Horizon family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". , and funds that are managed on behalf of institutional and individual clients. Following the completion of the merger with NationsBank, the Global Asset Management Group will become part of the Wealth Management businesses in the new BankAmerica Corporation.
CONTACT: Bank of America
Stephanie Linkous, 415/693-3207
Jack Houseman, 415/622-5324
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