The Marsico and Acorn families will not be broken up, but that will not be the case for the other funds in Columbia and NationsFunds. The latest speculation is that another 38 funds could disappear as Fleet is absorbed into Bank of America. While the two banks have not announced any plans for their funds, Financial Research Corp. told the Boston Herald which funds are likely to go.
The $18 billion of funds likely to be targeted for closure or merger in the Columbia and NationsFunds families were outlined in the paper's article (
Merger squeezes fund managers: Fleet, BofA have options that overlap
) Monday morning.
Separately, Bank of America confirmed last week that Boston will be the home of the $440 billion, 134 fund family (it will be based at 100 Federal Street) and that Brian Moynihan, head of wealth and asset management, will run the business.
Moynihan told the paper that he will eliminate duplicate funds as part of an effort to "get a competitive cost structure," for the family. That comment seems to have started the paper on its hunt for which funds will go.
Neither the Marsico nor Acorn funds are likely to be included in the cuts, he added. "They are both much more stand-alone firms," he told the paper.
Stay ahead of the news ... Sign up for our email alerts now