Columbia Management [see profile] has entered the actively managed ETF business. After the stock market closed last Friday, Columbia completed its purchase of Grail Advisors.

Columbia became the investment manager of the five active ETFs, which were rebranded with the Columbia moniker. The ETFs' sub-advisors prior to the deal -- American Beacon, RiverPark Advisors and McDonnell Investment Management -- are no longer involved with the funds.

It was not immediately clear whether Grail CEO Bill Thomas and his team joined Columbia and what roles they hold.

Columbia spokesman Ryan Lund declined to comment.

The ETFs' new and old names are as follows:

Columbia Concentrated Large Cap Value Strategy Fund (formerly Grail American Beacon Large Cap Value ETF)

Columbia Growth Equity Strategy Fund (formerly RP Growth ETF)

Columbia Large-Cap Growth Equity Strategy Fund (formerly RP Focused Large Cap Growth ETF)

Columbia Intermediate Municipal Bond Strategy Fund(formerly Grail McDonnell Intermediate Municipal Bond ETF)

Columbia Core Bond Strategy Fund (formerly Grail McDonnell Core Taxable Bond ETF)  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE