BofA to Sell Alternative Operations With $20 Billion to ICapital

Bank of America Corp. agreed to sell businesses that administer alternative investment feeder funds to iCapital Network, a financial-technology firm led by a former Goldman Sachs Group Inc. banker. The operations for feeder funds, which pool client money to invest in hedge funds and private equity, handle about $20 billion in client holdings, boosting the assets on iCapital’s platform by more than four times, iCapital Network said Tuesday in a statement. Bank of America Chief Executive Officer Brian Moynihan has worked to streamline the bank since the financial crisis, and the iCapital deal will help it further simplify operations.