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       Sector: Financial  >  Industry: Investment Services
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From the Blogosphere

Ameriprise scoops up Bank of America unit for $1 billion

Filed under: Deals, Bank of America (BAC)

To bolster its capital base and get more focus, Bank of America (NYSE: BAC) has been in the process of unloading noncore assets. And, we got the latest deal today; that is, the company has agreed to sell its long-term asset management unit, Columbia Management, to Ameriprise Financial (NYSE: AMP). The price tag comes to roughly $1 billion.

Columbia is certainly a nice business, with a wide assortment of stock and bond mutual funds. One of its standout funds is the Acorn Fund, whose manager is Charles McQuaid.

<><>Continue reading <>Ameriprise scoops up Bank ...
By  Tom Taulli   (+0.00%)  09/30/09 Comment


Notable Mergers and Acquisitions of the Day 9/30: AMP/BAC, KFT/CBY, ORCL
<> <> Ameriprise Financial, Inc. (NYSE: AMP) announced a definitive agreement to acquire the long-term asset management business of Columbia Management from Bank of America (NYSE: BAC) for approximately $1 billion in cash. The transaction is expected to be accretive to Ameriprise Financial earnings and return on equity within one year, excluding one-time integration costs.As of June 30, 2009, Boston-based Columbia managed approximately $93 billion in equity assets and $72 billion in fixed income assets. The cash business managed by Columbia is not included in the transaction."We were able to pu...
By  Street Insider   (+8.53%  risk: moderate)  09/30/09 Comment


AMP Short Base Drops

AMP, the wealth management company announced earnings Wednesday. The short base is currently 0.8%, below that of Old Mutual, ING Group (ING) and Wuestenrot & Wuerttemberg. They currently stand at 2.5%, 1.1% and 0.1% respectively. All except ING have seen their short base decline over the last month, with Wuestenrot & Wuerttemberg falling 27%.

<>The short interest (as measured by Percent Shares Outstanding On Loan) for Amp Ltd (AMP) has dropped 14.03% over the past week and now stands at 0.59%. This is up 140.48% from the 52 week low hit on August 3, 2009. When compared to other Asia x Japan I...
By  trackseekingalpha   (-14.41%  risk: aggressive)  08/20/09 Comment


June 13: The week that was and the week ahead
Warren_buffett
18%


Ameriprise Financial (AMP) priced 36 million of its common shares at $25. Novartis Ag (NVS), the big drug company,said it successfully completed the production of its first batch of H1N1 flu...

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By  retirerichblog   (-10.72%  risk: aggressive)  06/13/09 Comment


Analyst calls: LVS, GM, DELL, JCP, PALM, AXP, CHIC, STZ, AMP, BOBE

Filed under: Analyst upgrades and downgrades, Dell (DELL), General Motors (GM), Penney (J.C.) (JCP), American Express (AXP), Palm Inc (PALM), Analyst initiations, Las Vegas Sands (LVS)

Analyst upgrades:<>
  • Roth Capital upgraded Charlotte Russe (NASDAQ: CHIC) to Hold from Sell. The firm is positive on management's strategy to drive improved operating performance and is encouraged by the company's longer-term growth prospects.
    • <>Banc of America upgraded shares of Las Vegas Sands (NYSE: LVS) to Neutral from Sell following the company's capital raise as they see a more balanced risk/reward at ...
    By  Eric Buscemi   (+0.00%)  11/13/08 Comment



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