Nearly four months after Columbia Management
and RiverSource Investments
walked down the aisle, Columbia has proposed 62 fund mergers as part of the integration. [SEC filing
The mergers will rebrand 4 Threadneedle funds as well as 5 Seligman Funds along with 43 Riversource funds.
"These proposed mergers are an important milestone in the integration of Columbia Management with RiverSource Investments," stated Kevin Connaughton, head of mutual funds. "We believe the mergers would strengthen and streamline our product line up while providing fund shareholders and their financial advisors with excellent products and greater cost-efficiency."
"The decision was made to consolidate all of the products under the Columbia ... What we want to provide is clarity of choices," explained Chris Thompson
, Columbia's marketing and product chief, in an interview with The MFWire
. "We are not eliminating or exiting any asset classes."
The changes still require the approval of shareholders. If shareholders give their blessing, the mergers are expected to be complete in the first half of next year.
Columbia executives said they do not expect to cut additional investment posts due to the planned fund mergers. The firm already made personnel changes before the deal closed on April 30.
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