Columbia Management Group was an investment advisor and sponsor of

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICA ...

s. In 2009, it was acquired by

Ameriprise Financial Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth mana ...

and, in 2015, it was merged into Threadneedle to form Columbia Threadneedle Investments, the

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

subsidiary of Ameriprise.

History

In 1962, Jim Rippey and John "Jerry" Inskeep founded Columbia Management Company in

Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette and Columbia rivers, Portland is the county seat of Multnomah County, the most populous ...

. In 1967, they opened the Columbia Growth Fund, the first mutual fund based in Oregon. In 1997,

FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America. Histor ...

acquired the company for $460 million. In 2001, Columbia acquired mutual funds from Liberty Financial, which were rebranded as Columbia in 2003. In September 2003, the company acquired Crabbe Huson Group. In February 2004, several executives were fired after a trading scandal in which certain customers were given preferential treatment. In 2004,

was acquired by

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...

. In 2007, Bank of America sold Marsico Capital Management back to Tom Marsico. In November 2007, Bank of America injected $600 million into Columbia Management Group to prop up money market funds and institutional cash investments because of their exposure to structured investment vehicles. In 2008, the company lost $459 million due to capital requirements required to prop up its money market funds. In early 2009, Bank of America began soliciting offers for Columbia Management Group. In May 2010,

acquired the company for $1 billion.

References

{{Reflist, 1 Financial services companies established in 1962 1962 establishments in Oregon