Deloitte announced on Monday that it had acquired most of the assets of McColl Partners, a boutique investment bank founded by Hugh L. McColl Jr., who had built Bank of America into a colossus. Terms of the deal were not disclosed.
Some 70 professionals from McColl Partners, an advisory-focused investment bank, will join Deloitte Corporate Finance, a subsidiary.
Mr. McColl, who turns 78 next week, will serve as a senior strategic adviser to Deloitte, which said the deal would bolster its position as a leading adviser to middle-market transactions.
Through a series of acquisitions, Mr. McColl transformed a small North Carolina bank into one of the biggest regional banks in the nation, NationsBank. In 1998, NationsBank acquired Bank of America for $65 billion. After retiring in 2001, Mr. McColl and six investment bankers founded McColl Partners in Charlotte, N.C.
The firm, which also has offices in Atlanta, Dallas and Los Angeles, serves clients in a number of industries, including consumer, industrial, business and financial services, health care, energy and technology.