Columbia Management Group
Encyclopedia
Columbia Management Group was purchased by Ameriprise Financial
from Bank of America
. It is the seventh largest long-term asset manager in the U.S. with $355 billion in assets under management
as of December 31, 2010. It administers the Columbia Funds family of mutual fund
s, some of which were previously known by the NationsFunds brand.
The Columbia name was acquired by Fleet Investment Advisors, formerly a subsidiary of FleetBoston Financial
, and was carried over when Fleet Investment Advisors merged with Banc of America Capital Management (itself the product of the BankAmerica-NationsBank
merger of 1998) in 2004.
In 2007, Columbia sold Marsico Capital Management back to Tom Marsico and added the UST Advisers asset management from U.S. Trust Corporation when that company was acquired by Bank of America. In 2009, Bank of America received preliminary interest from BlackRock (a 49% subsidiary), Franklin Resources & Federated in acquiring Columbia from Bank of America. On September 30, 2009, Ameriprise Financial
, Inc. agreed to acquire Columbia for U.S. $1 billion.
Ameriprise Financial
Ameriprise Financial, Inc. is one of the leading diversified financial services companies in the U.S. Ameriprise Financial engages in business through its...
from Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
. It is the seventh largest long-term asset manager in the U.S. with $355 billion in assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
as of December 31, 2010. It administers the Columbia Funds family of mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s, some of which were previously known by the NationsFunds brand.
History and Brand
Columbia was forged from the acquisition of several fund management companies, which were acquired throughout the 20th century. Fleet Investment Advisors, Colonial Management Associates, Stein, Roe, & Farnham, Columbia Management Company, Columbia Wanger Asset Management, Crabbe Huson, Newport Pacific Management, Marsico Capital Management, and Banc of America Capital Management are the entities which compose the modern Columbia Management Group. Several fund brands, including Acorn funds, NationsFunds, Nations Marsico funds, and Galaxy funds, survive in Columbia's fund offerings.The Columbia name was acquired by Fleet Investment Advisors, formerly a subsidiary of FleetBoston Financial
FleetBoston Financial
FleetBoston Financial was a Boston, Massachusetts–based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo.-History:...
, and was carried over when Fleet Investment Advisors merged with Banc of America Capital Management (itself the product of the BankAmerica-NationsBank
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
merger of 1998) in 2004.
In 2007, Columbia sold Marsico Capital Management back to Tom Marsico and added the UST Advisers asset management from U.S. Trust Corporation when that company was acquired by Bank of America. In 2009, Bank of America received preliminary interest from BlackRock (a 49% subsidiary), Franklin Resources & Federated in acquiring Columbia from Bank of America. On September 30, 2009, Ameriprise Financial
Ameriprise Financial
Ameriprise Financial, Inc. is one of the leading diversified financial services companies in the U.S. Ameriprise Financial engages in business through its...
, Inc. agreed to acquire Columbia for U.S. $1 billion.
External links
- Columbia Management Group's website.
- Website of Columbia Funds - includes product information.