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Rating:Ameriprise Continues Integrating Columbia, 'On Schedule and On Budget' Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 29, 2010

Ameriprise Continues Integrating Columbia, 'On Schedule and On Budget'

Reported by Neil Anderson, Managing Editor

How well is Ameriprise digesting Columbia Management? According to Ameriprise chairman and CEO Jim Cracchiolo, the "integration is on schedule and on budget." Cracchiolo revealed that tidbit yesterday in Ameriprise's second quarter earnings report.

Ameriprise closed on its acquisition of the long-term asset management arm of Columbia (the cash, i.e. money market business stayed with Bank of America) on April 30. And thanks to that deal, Ameriprise's asset management arm boasted $327 billion in assets on June 30, and its pretax income flipped from a $12 million loss in Q2 2009 (in the heart of the market downturn) to a $56 million gain in Q2 2010. 

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