Columbia Management, whose long-term asset management business is about to become part of Ameriprise, chalked up net revenue of $277 million in the first quarter, up from $127 million a year ago.

Columbia officials attributed the rise to a combination of higher valuations in the equity markets and the absence of support provided to some cash funds. These were partially offset by a decline in revenues driven by net outflows in the cash complex.

Last September, Bank of America inked a $1.2 billion deal to sell Columbia's long-term asset management business to Ameriprise. The deal is expected to close this spring.

Bank of America is keeping the cash business. 

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