The Charlotte Business Journal writes, "Bank of America Corp. has named a new head of its locally based cash-investments group, but he doesn't plan to move to Charlotte. Instead, the group's 35 employees ... may be joining their new chief in Boston. The bank's Boston-based investment-management division, Columbia Management Group, has hired Paul Quistberg from mutual-fund company Putnam Investments to lead the cash group. The unit manages nearly $200 billion but has run into problems lately, with a group of money-market funds it manages suffering losses [sic] tied to the credit crunch. Quistberg is replacing Randall Royther, who is staying until the end of the month to help with the transition," says the story.

Also, Columbia will merge its Columbia Prime Reserves into its massive Columbia Cash Reserves according to an SEC filing.

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