Bank of America announced it has entered into an agreement to sell its Columbia Management division to Ameriprise Financial for approximately $1 billion.
On September 30, 2009, Bank of America Corporation (“Bank of America”) (NYSE: BAC-News) announced it has entered into an agreement to sell its Columbia Management division to Ameriprise Financial Inc. (“Ameriprise”) for approximately $1 billion. Minneapolis-based Ameriprise is expected to pay between $900 million and $1.2 billion for the long-term asset management business, depending on the net asset flows and investor consents in the period leading up to closing. Columbia had approximately $165 billion in equity and fixed income assets under management at the end of the second quarter of 2009. The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the spring of 2010.
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