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BofA Sells $87 Billion Money-Market Funds Unit to BlackRock

  • Blackrock's cash unit seen totaling $372 billion in assets
  • Deal will be completed in spring 2016, Bank of America says
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BlackRock Inc. has agreed to purchase an $87 billion money-market fund business from Bank of America Corp. as it builds scale in an industry grappling with new regulations.

The deal will involve merging Bank of America money funds and separate accounts into BlackRock’s offerings, the New York-based asset manager said Tuesday in a statement. This will bring BlackRock’s cash-management business to about $372 billion in assets.