Marsico Capital Management has revealed it is buying itself back from Bank of America for about $2.7 billion, financing the deal mostly with debt.

The Denver mutual fund firm, whose assets under management have swelled to $94 billion, announced in June it would make the move to regain independence seven years after it was sold to the bank.

At the time, the company declined to disclose the value of the transaction, but in a document filed with the Securities and Exchange Commission on Monday, Marsico Capital spelled out the terms.

Founder Tom Marsico and other managers together are expected to contribute $150 million, while the rest of the deal will be financed through loans and debt arranged by Goldman Sachs.

The company, started in 1997 after Marsico left Janus Capital across town, is celebrating its 10-year anniversary this year.

The firm explained that the transaction stems "primarily from (the company's) successful growth, and Mr. Marsico's desire to preserve MCM's autonomy and to compensate its employees effectively," by giving them an equity stake.

"Mr. Marsico and MCM now believe that it will be advantageous to operate as a fully autonomous firm going forward," according to the regulatory filing.

The company said the deal is expected to close in the fourth quarter of this year.

Bank of America paid a total of $1.1 billion for Marsico Capital.

In 2000, the bank said it would buy the half of the company it did not already own for $950 million. Previously, it paid $150 million for a 50 percent stake.

At the time, Marsico managed more than $15 billion in assets.

Assets have risen more than sixfold since as the money manager has built a strong investment track record.

The firm has moved to roll out a couple of new products: the Marsico Global Fund and the Marsico Flexible Capital Fund.

In an interview in June, Marsico - a University of Colorado graduate who has an MBA from the University of Denver - said he's spending a lot of time looking at international stocks and believes that overseas markets "are going to be a great source of future growth for us."

Marsico will continue to oversee portfolios under Bank of America's Columbia brand, the company said.

patonj@RockyMountainNews.com or 303-954-2544