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
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