Columbia, SSgA Reorganizations Impact Liquidity and Fixed Income Units. Heads are rolling at two of the hardest hit advisors in the recent credit crisis. The Wall Street Journal reports that Columbia Management has formed a new "Fixed Income Investments and Liquidity Strategies" area to be headed by Stephen Preacher. Money market fund CIO Randy Royther will report to Preacher. Columbia appointed a new head of product management, Michael Pelzar, and some added responsibilities for the firm's chief investment officer, Colin Moore." State Street Global also made changes, announcing the departures of CIO Sean Flannery and head of fixed income Paul Greff. Columbia is the 7th largest money fund manager with $151 billion, according to Crane Data's Money Fund Intelligence XLS Family rankings, and SSgA is the 19th largest money fund manager with $39 billion. Expect to see additional changes among money market and bond personnel as participants take steps to remedy, prevent, and assign blame for overzealous mortgage investing.

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