CLMB Columbia Management Advisors, Inc. featured news, full reports, and detailed charts
Columbia Management Advisors, Inc. (CLMB/CLMB.PK) Wrap Up:
Columbia Management Advisors, Inc. is a publicly owned investment manager. The firm primarily provides its services to individuals, including high net worth individuals. It also caters to pension and profit sharing plans, pooled investment vehicles, charitable organizations, corporations, state or municipal government entities, banking or thrift institutions, investment companies, Taft Hartley, foreign government entities, and affiliated third party investment advisers. The firm manages no-load mutual funds and separate client-focused equity, fixed income, and balanced portfolios. It invests in the public equity and fixed income markets of the United States. The firm invests in growth and va...Columbia Management Advisors, Inc. (CLMB:OTC)
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Key developments for Columbia Management Advisors, Inc. (CLMB)
Pensions & Investments reported, citing unnamed sources that BlackRock, Inc. and Ameriprise Financial, Inc. may buy pieces of Columbia Management Advisors, Inc. The report added that BlackRock may buy Columbia's money market assets, while Ameriprise would take the long-term equity and fixed income business. It noted that a deal could be finalized over the next few days. Pensions & Investments reported that BlackRock, Bank of America Corporation and Ameriprise declined to comment.
Bank of America Corp's (BAC) primary investment management unit is known have received lukewarm response from potential buyers, the Financial Times reported citing people close to the developments. The reports stated that Columbia Management Advisors, Inc. has received lower than expected bids. Columbia Management was put up for sale this year, but Bank of America has not yet finalized a deal for the unit. People close to the situation stated that BAC hopes to get about $3 billion from a sale of Columbia Management; however bids so far are around the $2 billion mark.
BlackRock Inc. is believed to be the front runner in the race for Bank of America Corporation’s Columbia Management Advisors, Inc. Several bankers, who declined to be named, said that BlackRock might be having the inside track among the list of strategic buyers, which includes Ameriprise Trust Company, BNY Mellon Asset Management, Federated Investors Inc., Invesco Ltd. and OppenheimerFunds, Inc. It is believed that these firms have made preliminary bids for Columbia. BlackRock may also be a prime contender in the bid for Barclays Global Investors, National Association (BGI). Bankers said that it is not likely that BlackRock would acquire both BGI and Columbia. Pionline reported that executives or spokesmen from all of these firms as well as from Bank of America declined to comment. Earlier, Laurence D. Fink, the BlackRock’s Chairman and CEO said that BlackRock is uniquely positioned to take advantage of a coming wave of industry consolidation. He added that the firm would be particularly interested in a firm that bulks up its retail franchise.
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