The Bank of America is now focused on reducing its stake in asset manager BlackRock, which is considered as a non-core asset. The North Carolina based Bank of America has inherited a stake in the BlackRock through its acquisition of Merrill Lynch of 2008-09.

The bank owns 34.1% financial interest in the asset manager. According to the valuation of 31st March, the bank has valued its investment at BlackRock at 14.1 billion dollars.

Since last few months the Bank of America has been thinking that whether to keep the non-core assets or to sell them. In the year 2009, the bank had signed a deal to sell a long term asset management business, part of its Columbia Management business to the company named Ameriprise Financial for around 1 billion dollars.

The Bank of America has reduced its private equity investment business. According to the report of 'the Wall Street Journal', the bank is now considering to reduce the BlackRock stake. On the other hand, some of the sources, the Financial Services Group and Bank of America were forced to sell their BlackRock stakes under certain undisclosed conditions.