Bank of America
has completed the rebranding of what had been its Nations Funds family. The bank funds will carry the Columbia brand. Bank of America acquired Columbia Management Group and its mutual funds when it purchased Fleet Bank.
, Columbia Management's president said that the rebranding included 45 Nations funds that adopted the Columbia name.
The move is one of the last steps in the consolidation of the two bank's fund families following the merger. Next month, the bank plans to reduce the number of long-term retail funds in the family to 85 from about 120. Then, in November, the Galaxy money market funds (formerly part of Fleet) will be the last to assume the Columbia brand.
Last month, the bank moved the Nations and Galaxy fund families onto a common service platform that allowed shareholders to make transfers between the two fund groups.
"Our shareholders will benefit from the enhanced efficiencies that we've achieved to date," Banks said. "We will continue to create further cost savings and simplification of investment options down the road."
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