MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Thursday, October 22, 2009 The Columbia Deal Has Cost Ameriprise $3 Million So Far Ameriprise won't seal its roughly $1 billion acquisition of Columbia Management non-money-market business until spring 2010, but the insurance brokerage already spent $3 million on the deal last quarter. In its third quarter earnings report, released Wednesday, Minneapolis-based Ameriprise also revealed that it spent $7 million last quarter propping up RiverSource money market funds in this low-rate environment. Ameriprise and Bank of America unveiled the Columbia deal on September 30. Ameriprise also saw quarterly net flows improve to $2.3 billion for its asset managers, RiverSource in the US and Threadneedle in the UK. (The two units boasted $2.2 billion in year-to-date net inflows as of September 30.) According to Ameriprise, both the money fund support payments and the $3 million spent so far on Columbia "are excluded from core operating earnings in the third quarter of 2009" and are after tax. Printed from: MFWire.com/story.asp?s=23005 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |