Ameriprise’s two fund businesses, Columbia Management and RiverSource Investments, announced plans to merge as many as 62 funds in order to streamline their offerings.
Investment styles of the funds being merged are predominantly core, value and bond funds, with a smattering of growth, international and real-estate investment funds too.
Ameriprise bought Columbia from Bank of America on April 30 this year. The combined fund company, Columbia Management Investment Advisors, is the eighth-largest long-term asset manager in the U.S. with $327 billion in assets as of June 30.
As a result of the merger RiverSource will be dropped as a brand on the fund side, but will continue to be used for Ameriprise’s insurance and annuities businesses.