, whose long-term asset management business is about to become part of Ameriprise
, chalked up net revenue of $277 million
in the first quarter, up from $127 million a year ago.
Columbia officials attributed the rise to a combination of higher valuations in the equity markets
and the absence of support provided to some cash funds. These were partially offset by a decline in
revenues driven by net outflows in the cash complex.
Last September, Bank of America inked a $1.2 billion deal to sell Columbia's long-term asset management
business to Ameriprise. The deal is expected to close this spring.
Bank of America is keeping the cash business.
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