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Bank of America to sell Columbia’s long-term asset management business

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Bank of America has signed an agreement to sell the long-term asset management business of Columbia Management to Ameriprise Financial for approximately USD1bn, subject to certain adjustments.

On 30 June 2009, the long-term asset management business had approximately USD165bn in equity and fixed-income assets under management.

The total consideration to be paid to Bank of America is expected to be between USD900m and USD1.2bn based on net asset flows and investor consents in the period leading up to closing.

Bank of America continues to consider alternatives for the cash investments, or short-term asset management business, currently managed by Columbia.

"The acquisition of Merrill Lynch provided an opportunity to look at our entire portfolio of businesses with an eye toward strengthening our capital position while ensuring that we continue to offer the broadest possible solutions to our customers and clients as one of the world’s leading financial services firms," says Joe Price (pictured), chief financial officer of Bank of America. "We’re pleased to reach an agreement with Ameriprise that is consistent with that goal."

The transaction is expected to close in the spring of 2010, subject to regulatory approvals and customary closing conditions, including fund board, fund shareholder and other required client approvals.

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