has hired Patrick J. Ford
as managing director and senior portfolio manager for cash investments. Ford joins Bank of America's investment management unit from BlackRock Institutional Management Corporation, where he had served since 1991 as a senior portfolio manager in the Prime Money Market Funds Group.
Columbia Management today announced the appointment of Patrick J. Ford as managing director and senior portfolio manager for Cash Investments.
With over $200 billion in cash investments under management, Columbia Management is ranked among the top five global cash managers, according to iMoneyNet (as of 12/31/06). Ford joins an elite team of senior managers, analysts and support personnel that leverage technology to increase efficiency, customize portfolios and generate superior returns for Columbia’s clients.
“Cash management is a vital and rapidly growing part of Columbia’s investment business,” said Randall Royther, head of cash investments. “Investors – both institutional and retail – want to maximize risk-adjusted returns in their cash strategies. Patrick has proven expertise in generating alpha through cash and short-term investments, and we welcome his addition to the team.”
In his new role, Ford will help develop and execute overall portfolio strategy for the cash investments platform, supervise a team of portfolio managers and co-manage Columbia’s prime 2a-7 funds, which are money market funds regulated under the SEC’s Rule 2a-7 in order to enhance investor safety.
Ford joins Columbia Management from BlackRock Institutional Management Corporation, a unit of PNC Financial Services Group, where he had served since 1991 as a senior portfolio manager in the Prime Money Market Funds Group. In that role, Ford oversaw management of 15 prime money market funds totaling $125 billion and 14 offshore UCITS funds totaling $25 billion. Between 1984 and 1991, Ford held positions in cash management with several other PNC units.
Ford is a 1982 graduate of the University of Delaware, where he earned a bachelor’s degree in Accounting and Economics. He served for seven years as an instructor in economics at the Delaware Chapter of the American Institute of Banking.
Ford will be based in Charlotte, NC with Columbia Management’s Cash Investments located there. Members of the team are also located in Boston, MA.
Columbia Management, based in Boston, MA, is the primary investment management division of Bank of America. Columbia Management, which offers products across an array of asset classes and investment styles to both individual and institutional investors, is focused on delivering strong investment performance and superior client service. As of March 31, 2007, Columbia Management and affiliates had $547.4 billion in assets under management.1
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 56 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with nearly 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. HYPERLINK "http://www.bankofamerica.com" www.bankofamerica.com
Columbia Management and its affiliates comprise the wealth and investment management division of Bank of America Corporation. As of March 31, 2007, Columbia Management and its affiliates managed assets of $547. 4 billion. Columbia Management and its affiliates managed assets consists of assets under the discretionary management of the three registered investment advisors, Columbia Management Advisors, LLC ($347.4 billion), Columbia Wanger Asset Management, L.P. ($35.1 billion) and Marsico Capital Management, LLC ($87.9 billion); the Bank of America Private Bank; Banc of America Investment Services, Inc;, Banc of America Investment Advisors, Inc;, Bank of America Capital Advisors, LLC, and Premier Banking and Investments.
Columbia Management Group, LLC (“Columbia Management”) is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member NASD and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.
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