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BlackRock to buy Bank of America's $87 billion business

Staff writer |
Bank of America has agreed to sell its $87 billion money-market fund business to BlackRock in one of the cash-management industry's largest deals ever.

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The transaction comes as big banks have faced pressure to simplify their businesses since the global financial crisis and marks the largest in a series of deals reshuffling the cash-management industry before costly regulatory reforms take effect in 2016.

Terms of the transaction were not disclosed. The agreement is expected to lift BlackRock's global cash-management business to $372 billion from about $285 billion, according to the New York-based company.

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