FleetBoston Financial announced today that it has completed the process of acquiring the asset management units of Liberty Financial Companies. Last summer FleetBoston agreed to acquire those businesses for $900 million. The firm also assumed about $110 million in revolving debt.
The completed transaction adds $47 billion in assets under management to the companys total assets, which now total at about $170 billion. Thirty-four percent of those assets are allocated in mutual funds, the company said. The company also offers institutional and high-net-worth accounts.
FleetBoston VP Brian Moynihan said the deal was intended to create "a balanced business which can compete in all segments, mutual funds, private wealth and institutional business."