Parent organization Ameriprise Financial | ||
Columbia Management is the investment adviser for the majority of funds in the Columbia Advisers, LLC(‘‘Columbia Management’’) Managementfamily of funds (‘‘Columbia Managementfunds’’) and to U.S. and non-U.S. institutional accounts and private funds, owned since 2009 by Ameriprise Financial.
History
In 1962, Jim Rippey and John “Jerry” Inskeep founded Columbia Management Company in Portland, Oregon; five years later, they opened the Columbia Growth Fund, the first mutual fund in Oregon. During the 20th century Columbia Management became the Pacific Northwest's largest money management company.
In 1997, Fleet Financial Group bought Columbia Management for $460 million. In 2004, what was then known as FleetBoston Financial was acquired by Bank of America.
In 2007, Columbia sold Marsico Capital Management back to Tom Marsico and added the UST Advisers asset management from U.S. Trust Corporation when that company was acquired by Bank of America. In 2009, Bank of America received preliminary interest from BlackRock (a 49% subsidiary), Franklin Resources & Federated in acquiring Columbia from Bank of America.
On September 30, 2009, Ameriprise Financial, Inc. agreed to acquire Columbia Management for U.S. $1 billion. In 2010 Columbia Management was the seventh largest long-term asset manager in the U.S., with $355 billion in assets under management.