BofA's Columbia Has Suitors: Report

BlackRock ( BLK) is likely to buy the money-market assets of Bank of America's ( BAC) Columbia Management unit, while Ameriprise Financial ( AMP) is poised to buy Columbia's long-term equity and fixed-income business, a report says.

Investment bankers who have been following the talks over Columbia said deals for both pieces of the company could be finalized over the next few days, reports newspaper Pensions & Investments.

Bank of America, the largest U.S. bank, is expected to issue second-quarter earnings before the opening bell Friday.

Spokespeople from BlackRock, Bank of America and Ameriprise all declined to comment for Pensions & Investments.

The Financial Times reported earlier this month that Columbia wasn't garnering the amount of interest BofA expected.

Bids for the asset management business have been lukewarm, the newspaper reported, with bids coming in around $2 billion, far less than the $3 billion Bank of America expected to get for the business.

A sale of Columbia also was seen as being tougher because BlackRock, which was looked upon as the likeliest suitor for the BofA unit, instead opted to buy Barclays Global Investors for $13.5 billion, the Financial Times reported.

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