Bank of America has concluded that its 34% share of BlackRock is not a core asset and is weighing a possible reduction of its holdings in the influential New York asset manager, said people familiar with the situation.

No talks have been held about when or how this might happen, and Bank of America still could decide to keep the 64.7 million common and preferred shares of BlackRock that it owns. But BlackRock executives expect the nation's largest bank by assets to sell down its stake, said people close to the company. BlackRock, which oversees $3.15 trillion (€2.47 trillion) in client assets, has right of first refusal on any sale.