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Rating:Columbia's Q1 Net Loss Narrows Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 20, 2009

Columbia's Q1 Net Loss Narrows

by: Neil Anderson, Managing Editor

Bank of America's first quarter results are in, and they included some good news for Columbia Management. BofA revealed that the investment management unit's net loss fell year-over-year from $82 million to $50 million in the quarter ended March 31, 2009.

BofA credits the change "to the $103 million reduction in support provided to certain cash funds, partially offset by the impact of declining equity markets on investment and brokerage fees." In the same period last year, Columbia reported a 44 percent decline in net revenue, thanks to such support, and in September Columbia, like other fund companies reportedly poured money into its one of its money market funds, Columbia Cash Reserves (see The MFWire, 5/8/2008 and 9/18/2008). 

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