Bank of America in $1 Billion Sale of Long-Term Asset Management Business of Columbia Management

Cleary Gottlieb is representing Bank of America in its sale of the long-term asset management business of Columbia Management to Ameriprise Financial. The business being sold managed approximately $165 billion in equity and fixed income assets as of June 30. Ameriprise will pay between $900 million and $1.2 billion for the business, with the final price being based upon asset flows prior to closing. The deal also includes a five-year strategic distribution agreement that gives Ameriprise access to clients of Bank of America affiliated firms, including U.S. Trust.