Marsico Capital Management Announces Purchase of Firm from Bank of America
Tom Marsico, founder and Chief Executive Officer of Marsico Capital Management, has announced that he will be buying back his company from Bank of America. After founding the firm in 1997 Tom Marsico agreed to sell the firm to Bank of America in 2000 for a total of $1.1 billion. "We felt we needed a larger financial institution to help us grow in new areas and to diversify our business further," Marsico said in his recent announcement. "Now, we're a much larger group, and we have the ability to spread equity throughout the company." Although the specific terms of the deal have not been released Marsico expects the deal to be finalized during the fourth quarter of this year.
Marsico Capital Management currently manages approximately $94 billion in assets across several growth equity strategies. They have also hinted at plans to roll out two new products, the Marsico Global Fund and the Marsico Flexible Capital Fund in an effort to better capitalize on the opportunities in the expanding global market. Overall we view the decision of Tom Marsico to buy back his company from Bank of America as a positive. It will seemingly provide Marsico Capital Management the ability to spread out equity ownership across company. Providing equity to key employees should serve as a nice incentive to current employees and further provide Marsico Capital Management the ability to attract and retain talented investment professionals. Senior
See the press release below for further details: