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 |
|
Friday, April 16, 2010 Net Revenue More than Doubles at Columbia 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. Printed from: MFWire.com/story.asp?s=31945 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |