How well is Ameriprise
digesting Columbia Management
? According to Ameriprise chairman and CEO Jim Cracchiolo
, the "integration is on schedule and on budget." Cracchiolo revealed that tidbit yesterday in Ameriprise's second quarter earnings report
Ameriprise closed on its acquisition of the long-term asset management arm of Columbia (the cash, i.e. money market business stayed with Bank of America) on April 30. And thanks to that deal, Ameriprise's asset management arm boasted $327 billion in assets on June 30, and its pretax income flipped from a $12 million loss in Q2 2009 (in the heart of the market downturn) to a $56 million gain in Q2 2010.
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