How much does Ameriprise will buy the Columbia stock and bond funds from Bank of America Corp.?”
Sept. 30 (Bloomberg) — Ameriprise Financial Inc. agreed to buy the Columbia stock and bond funds from Bank of America Corp. for as much as $1.2 billion in cash, the biggest purchase by the investment and insurance company since its spinoff from American Express Co. The acquisition will include $165 billion in funds and individual accounts managed by Boston-based Columbia Management Group LLC, bringing Ameriprise’s assets under management to about $379 billion, the Minneapolis-based company said today in a statement. Ameriprise rose the most in six months. Bank of America, which has received $45 billion in federal bailout money, including aid to Merrill Lynch & Co., was ordered by U.S. regulators in May to raise more capital as a cushion against potential losses on loans and investments. Ameriprise has sought to expand its money-management business, which includes the RiverSource and Threadneedle funds, since being spun off in 2005. It bought fund manager J&W Seligman & Co. last year f
