BOSTON – August 19, 2010 – Columbia Management announced that it has proposed 62 fund mergers as part of the integration of Columbia Management and RiverSource Investments. These proposals are subject to final approval by the funds’ boards of directors/trustees and are ultimately subject to shareholder approval.
Ameriprise Financial, Inc. completed its acquisition of Columbia Management Group, LLC’s long-term asset management business in May. Columbia Management Investment Advisers is the eighth largest long-term asset manager in the U.S. with $327 billion in assets under management as of June 30, 2010.
“These proposed mergers are an important milestone in the integration of Columbia Management with RiverSource Investments,” said Kevin Connaughton, head of mutual funds. “We believe the mergers would strengthen and streamline our product line up while providing fund shareholders and their financial advisors with excellent products and greater cost-efficiency.”
“Our goal is to provide a compelling and diversified lineup of strong-performing retail and institutional products that provide investment solutions for our clients,” said Chris Thompson, head of product management and marketing. “We expect these moves will help us to achieve that goal.”
The company made personnel changes prior to the close of the acquisition on April 30, 2010 and does not expect to eliminate additional investment positions due to the proposed mergers. The integration process remains on schedule and on budget. Fund mergers, if approved, are expected to close in the first half of 2011. Additional aspects of the integration are expected to be announced this fall.
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