Bank of America Sells Hedge-Fund Unit to BNP for $300 Million

Bloomberg- Bank of America Corp. agreed to sell its prime brokerage unit that serves hedge funds to BNP Paribas SA, France’s biggest bank, for as much as $300 million after profit at its investment bank tumbled.

BNP Paribas’s purchase price includes some goodwill, Todd Steinberg, head of equities and derivatives in Paris-based BNP Paribas’ Americas unit, said in an e-mail. The division provides record-keeping, securities lending and secured financing to more than 500 hedge funds and has 320 employees, he said.

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