Though there is no official word yet on the rebranding, hints have begun to appear that Columbia Management will soon become Bank of America Funds Management. A recent conference mailing from the New York Cash Exchange, a treasury management show in May, lists Bank of America Funds Management among its sponsors and exhibitors. Also, a recent communication says, "Effective on January 1, 2010, Columbia Management money market funds have been reorganized into a new registered investment company, BofA Funds Series Trust."
The statement, entitled, "New Investment Company and CUSIP Numbers for Columbia Money Market Funds," adds, "This reorganization has no impact on the investment management or servicing of your money market funds. New CUSIP numbers are listed below. Please be aware that fund listings in newspapers may also change for those publications which list funds by trust name. While the names of the money market funds stay the same, they may now be found under the new BofA Funds Series Trust name."
The previous decision for Bank of America to retain Columbia's money fund business said in a Nov. 17, 2009, letter, "After a review of various options, Bank of America has decided to retain Columbia Management's cash business. This business is an important complement to the suite of banking, treasury and credit products currently offered to its corporate and individual clients. Bank of America's ownership of the cash management platform allows for strategic advantages in the marketplace and provides integral services to its distinguished client base."
The company must soon relinquish the Columbia name to Ameriprise Financial. The prior statement also said, "The money market funds sponsored by Columbia Management will be rebranded on or about the closing of the long-term business transaction with Ameriprise, which is expected to occur in the spring of 2010 pending all required approvals. We are committed to communicating more information as soon as possible regarding branding, personnel decisions and other transition updates. For now, our cash clients continue to benefit from an experienced investment team and the strength and resources of Bank of America."
