Bank of America Corp. is considering reducing a 34 percent stake in BlackRock Inc., the world’s largest asset manager, a person briefed on the matter said.

The bank, which acquired the holding through the purchase of Merrill Lynch & Co. last year, hasn’t reached a final decision, and no deal is imminent, the person said, declining to be identified because the deliberations aren’t public. The bank’s carrying value for the stake was $10.1 billion as of June 30, while the fair market value was $9.3 billion, according to an Aug. 6 regulatory filing.

Bank of America has been selling investments and units not considered to be critical for its retail banking, home lending, wealth management and capital markets units. Merrill Lynch originally acquired 49.8 percent of BlackRock by trading its asset management business in 2006. The holding was later diluted through an exchange of shares.

Jerry Dubrowski, a spokesman for Charlotte, North Carolina- based Bank of America, said he couldn’t comment, as did Bobbie Collins of BlackRock. The Wall Street Journal reported the bank’s considerations yesterday.

BlackRock, based in New York, has dropped 35 percent this year to $151.58 in New York Stock Exchange composite trading, giving it a $29 billion market capitalization. The firm oversees about $3.2 trillion.

Other large BlackRock holders include PNC Financial Services Group, Barclays Plc and China Investment Corp., according to data compiled by Bloomberg.

To contact the reporter on this story: David Mildenberg in Charlotte at dmildenberg@bloomberg.net.

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