Ameriprise to buy Columbia's long-term asset-management unit

10/1/2009 | Wall Street Journal, The

Ameriprise Financial said it will acquire Columbia Management's long-term asset-management business from Bank of America for about $1 billion. Analysts said the acquisition will probably lead to fund mergers and reduced expenses for mutual fund investors in Columbia and in RiverSource Investment. "We want to be thought of as a high-quality firm where performance matters, but where consistency is important, and we're looking to leverage the strength of both firms -- we have all the [necessary] capabilities," said Jim Cracchiolo, chairman and CEO of Ameriprise.

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