Bank of America Just Passed a Major Milestone
When Bank of America (NYSE: BAC) reported its third-quarter earnings at the beginning of October, buried deep within the bank's earnings release was evidence of a major milestone: During the quarter, Bank of America's assets under management eclipsed $1 trillion.
Assets under management may not be a term you're familiar with, but it's a key part of many banks' business models. The term refers to assets that a bank or other type of financial services company oversees for other people as opposed to itself. The company administers the assets, in other words, but the clients own them.
Source: Fool.com
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