Columbia Management Group, a unit of FleetBoston, has decided to expand its relationship with State Street. That firm will be providing investment services to another 62 of Columbia's funds; 40 of those funds are from the Galaxy family and 22 are from the Columbia family. State Street will provide custody, accounting, expense budgeting, and processing for those offerings.
"State Street's proven experience, technology and premier servicing team were key factors in our decision to appoint them to service our funds," stated Joe Palombo, coo of Columbia Management Group. "We value the flexible solutions State Street offers, and our expanded arrangement should help us to advance our position as one of the world's 30 largest asset management firms."
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