asset management business

Money manager Invesco said Monday it will acquire Morgan Stanley's retail asset management business in a cash and stock deal valued at $1.5 billion.

Bank of America said Wednesday that it agreed to sell the long-term asset management business of Columbia Management, its mutual fund arm, to Ameriprise Financial for about $1 billion.

• 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.

Bank of America says it will sell the long-term asset management business of one of its units to Ameriprise Financial.

American International Group Inc. said Saturday it reached a deal to sell a portion of its asset management business to a Hong Kong-based investment firm for $500 million.