Columbia Management has proposed 62 fund mergers as part of the integration of Columbia Management and RiverSource Investments.
The proposals are subject to final approval by the funds’ boards of directors/trustees and are ultimately subject to shareholder approval.
Fund mergers, if approved, are expected to close in the first half of 2011.
Columbia Management head of mutual funds Kevin Connaughton said that these proposed mergers are an important milestone in the integration of Columbia Management with RiverSource Investments.
“We believe the mergers would strengthen and streamline our product line up while providing fund shareholders and their financial advisers with excellent products and greater cost-efficiency,” Connaughton said.
On 30 April 2010, Ameriprise Financial, the parent company of RiverSource Investments, acquired the long-term asset management business of Columbia Management Group, including certain of its affiliates, which were, prior to this acquisition, part of Bank of America.
In connection with the acquisition of the long-term assets, certain clients of Columbia Management Advisors (including the Columbia Funds) have a new investment adviser, RiverSource Investments, which is now known as Columbia Management Investment Advisers.