Michael Jones, head of distribution at Columbia Management has been named as the new president of the company. Jones replaces Keith Banks, who was promoted the the position of president of Global Wealth & Investment Management last week .

According to a company statement, a new head of distribution for the business will be named at a later date. A spokesperson for Columbia told the MFWire that there is no timetable for the search, but he expects a replacement to be named shortly.

Michael Jones Columbia Management President

"I am very confident that under Mike's leadership, Columbia will further build upon the strong foundation put in place over the last three years. This includes Columbia's streamlined and strengthened mutual fund lineup, featuring solid performance and lowered costs; enhanced institutional client and consultant capabilities; and an industry leading intermediary sales force," Banks said.

Jones joined Bank of America in 2006. Previously, he served as co-president and senior managing director at Robeco Investment Management.  

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