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Marsico Capital acquired
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June 29, 2000: 3:44 p.m. ET
Bank of America to pay $1.1 billion for portion it doesn't already own
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NEW YORK (CNNfn) - Bank of America Corp. is purchasing Marsico Capital management for $1.1 billion, and said there would be no changes to the investing firm founded by star fund manager Tom Marsico.
Bank of America already owns a 50 percent stake in the Denver-based company, whose funds include Marsico Focus and Marsico Growth & Income Funds.
 Marsico, a former manager at Janus who delivered stellar returns while at the helm of Janus Twenty Fund, founded the company in 1997. The company has assets of more than $15 billion.
"This investment is a great opportunity to accelerate our corporate growth in this high-potential arena and reflects our commitment to building our asset management business," said Kenneth D. Lewis, president and chief operating officer at Bank of America.
Also in this notebook: A number of new funds are debuting; and a new study shows people are optimistic about meeting their retirement investing goals.
The changes come at a time when the two largest funds, Focus and Growth & Income, are having a tough time, according to Christine Benz, an analyst at fund tracker Morningstar.
 Marsico Focus is down 15.6 percent year-to-date as of May 31, while Marsico Growth & Income is off 14 percent in the same time period, Morningstar said.
But the fund's long-term returns explain why Marsico managed to fetch such a good price for the other half of the company, Benz said.
New funds debuting
A number of new funds are in the work despite record volatility this year.
American Century Investments on Friday will launch two new names to its fleet of funds. American Century Life Sciences Fund and American Century Technology Fund are debuting after a subscription period.
And Turner Funds is introducing three new funds on Friday - Turner Global Top 40 Fund, Turner B2B E-Commerce Fund, and the Turner Wireless & Communications Fund.
T. Rowe Price also filed a prospectus with the Securities and Exchange Commission for a new global technology fund. Chip Morris, manager of the T. Rowe Price Science & Technology Fund, will head up the new fund.
Long-term bullish
A new survey by Scudder Kemper Investments shows that investors are optimistic about the long-term outlook on Wall Street. And about 81 percent who are saving for retirement are confident that they will reach their investing goals.
What do you think about the long-term investing landscape for your retirement dollars? Send us your thoughts to retirement@cnnfn.com. 
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