Hours after a town hall meeting on Monday, Columbia Management
president Mike Jones
spoke to The MFWire
about the just-concluded billion-dollar deal that sent Columbia's
long-term asset management business to Ameriprise
Columbia has placed ads in The Wall Street Journal
, as well as in Columbia's hometown paper, The Boston Globe
, and Ameriprise's hometown paper, The Star Tribune
, trumpeting the close of the deal. Jones revealed
that Columbia plans to advertise further during the fall.
Jones also revealed that in the next several months, Columbia plans to place employees working
in the Boston area into a single building that has yet to be determined. Columbia's Beantown-area locations include three offices in downtown Boston and one in Cambridge.
Ameriprise's acquisition of Columbia Management's long-term asset management business was first announced last September and became complete on Saturday.
During the town hall meeting on Monday, Jones and Ameriprise Financial chairman and CEO Jim Cracchiolo
were in Boston, while Ted Truscott
, Ameriprise's CEO of US asset management, and Columbia chief investment officer Colin Moore
were in Minneapolis.
"There was a live feed between Boston and Minneapolis," Jones narrated. "There were more than 2,500
people on the call."
The deal also includes a five-year strategic distribution agreement that provides
Columbia with access to clients of Bank of America
affiliates, including U.S. Trust
So how does Columbia intend to incentivize Merrill Lynch
FAs to sell its funds?
"We plan to continue to build on existing relationships," Jones said, declining to comment further.
Columbia, as previously reported, will be the master asset management brand in the U.S. The Threadneedle
brand will no longer be used for U.S. retail funds. Acorn
retain their brands.
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