BancBoston Nears Pact With Founder

BancBoston Robertson Stephens is close to reaching a separation agreement with Sanford Robertson under which the man who founded the firm 20 years ago would agree not to compete in investment banking for an undisclosed period, sources familiar with the matter said. The agreement, which could be signed by today, would provide Robertson, 67, an unspecified payment and allow him to form a venture capital or money management firm, the sources said. Robertson’s friendly departure from the San Francisco firm defuses concerns that he would steal business or key employees from the company that bears his name. In May, Robertson’s threat to leave delayed announcement of BankBoston Corp.’s purchase of Robertson Stephens from BankAmerica Corp. for $400 million in cash and $400 million in payments to the firm’s partners. The deal has since been completed. BankBoston declined to comment.