has changed the name of its asset management business. The new name will be Columbia Management Group
will serve as the ceo for Columbia Management. The unit will be looking to build its institutional business, expand sales of mutual funds, and continue to serve the high-net-worth marketplace.
"The creation of Columbia Management Group is tangible evidence of our commitment to continue to build an integrated, world-class asset management business," stated Banks. "As a cohesive, autonomous asset management company, backed by the resources of FleetBoston Financial, Columbia Management Group provides our professionals with the independence to apply distinct disciplines to achieve top-tier investment performance. We believe this investment management culture is one which will allow us not only to retain talent, but also to attract additional highly-regarded professionals to our team."
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