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Ameriprise scoops up Bank of America unit for $1 billion

Posted Sep 30th 2009 1:20PM by Tom Taulli (RSS feed)
Filed under: Deals, Bank of America (BAC)

To bolster its capital base and get more focus, Bank of America (NYSE: BAC) has been in the process of unloading noncore assets. And, we got the latest deal today; that is, the company has agreed to sell its long-term asset management unit, Columbia Management, to Ameriprise Financial (NYSE: AMP). The price tag comes to roughly $1 billion.

Columbia is certainly a nice business, with a wide assortment of stock and bond mutual funds. One of its standout funds is the Acorn Fund, whose manager is Charles McQuaid.

Continue reading Ameriprise scoops up Bank of America unit for $1 billion

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