According to the Wall Street Journal, which cited unnamed sources, the move is part of the financial institutionâs ongoing strategy to divest itself of private equity investments.
An estimated 30 employees are also moving to different BofA-affiliated units firms as part of its strategy of preparing for new regulations from the US authorities.
Those familiar with the matter stated that Jason Cipriani, head of strategic fund investments, is to leave with ten employees and head an office in Charlotte for Sterling Stamos, an investment firm based in New York.
Travis Hain, a director responsible for managing corporate investments, is to set up a separate firm with a further 20 staff from BofA.
The Dodd-Frank Act was signed earlier this week by US President Barack Obama and will mean the amount of capital certain institutions can invest in private equity will be limited to three per cent.
Earlier in the year, BofA sold a portfolio of private equity interests to a division of AXA Private Equity.
The collection of funds was worth an estimated $1.9 billion.
By Jim Ottewill