Ameriprise Pays $1B for Columbia Asset Unit
Ameriprise agreed to acquire the long-term asset management business of Bank of America's Columbia Management unit for $1 billion in cash.
MINNEAPOLIS (
) --
Ameriprise Financial
(AMP) - Get Report
agreed to acquire the long-term asset management business of
Bank of America's
(BAC) - Get Report
Columbia Management unit for $1 billion in cash.
The cash business managed by Columbia isn't part of the deal.
Columbia managed about $93 billion in equity assets and $72 billion in fixed income assets as of June 30, Ameriprise said in a press release Wednesday.
BofA has been shopping its Columbia division over the good part of the summer.
-- Reported by Joseph Woelfel in New York
.
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