{{Short description|Former investment advisor and sponsor of mutual funds}} {{Use mdy dates|date=September 2024}} {{Infobox company | name = Columbia Management Group | logo = | type = | genre = | foundation = {{sda|1962}} | defunct = {{end date|2015}} | location_city = Portland, Oregon | location_country = U.S. | fate = Became part of Columbia Threadneedle Investments after merger | location = | origins = | founders = Jim Rippey<br/> John Inskeep | area_served = | industry = | products = | services = | revenue = | operating_income = | net_income = | num_employees = | divisions = | parent = | owner = | company_slogan = }}
'''Columbia Management Group''' was an investment advisor and sponsor of mutual funds. In 2009, it was acquired by Ameriprise Financial and, in 2015, it was merged into Threadneedle to form Columbia Threadneedle Investments, the asset management subsidiary of Ameriprise.<ref>{{cite news | url=https://citywire.co.uk/wealth-manager/news/threadneedle-to-rebrand-on-major-investment-merger/a792304 | title=Threadneedle to rebrand on major investment merger | first=Dylan | last=Lobo | work=Citywire | date=January 12, 2015}}</ref>
==History== In 1962, Jim Rippey and John "Jerry" Inskeep founded Columbia Management Company in Portland, Oregon. In 1967, they opened the Columbia Growth Fund, the first mutual fund based in Oregon.<ref name=dies>{{cite news | url=https://www.oregonlive.com/business/2009/08/oregon_mutual_fund_pioneer_ins.html |title= Oregon mutual fund pioneer Inskeep dies | first=Brent | last=Hunsberger | work=The Oregonian | date=August 17, 2009}}</ref>
In 1997, FleetBoston Financial acquired the company for $460 million.<ref name=dies/>
In 2001, Columbia acquired mutual funds from Liberty Financial (an affiliate of Liberty Mutual, which were rebranded as Columbia in 2003.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20031013005570/en/Columbia-Selected-Consistent-Brand-Liberty-Columbia-Mutual | title=Columbia' Selected as the Consistent Brand Name for All Liberty and Columbia Mutual Funds and Related Businesses | publisher=Business Wire | date=October 13, 2003}}</ref>
In September 2003, the company acquired Crabbe Huson Group.<ref>{{cite news | url=https://www.bizjournals.com/portland/stories/2003/08/18/daily31.html | title=Crabbe Huson merger closing | first=Robert | last=Goldfield | work=American City Business Journals | date=August 20, 2003}}</ref>
In February 2004, several executives were fired after a trading scandal in which certain customers were given preferential treatment.<ref>{{Cite news | url=https://www.wsj.com/articles/SB107775282353039446 | title=Fleet Executives In Funds Scandal Are Put on Leave | first=John | last=Hechinger | work=The Wall Street Journal | date=February 26, 2004 | url-access=subscription}}</ref>
In 2004, FleetBoston Financial was acquired by Bank of America.
In 2007, Bank of America sold Marsico Capital Management back to Tom Marsico.<ref>{{cite news | url=https://www.reuters.com/article/us-marsico-bankofamerica/marsico-buys-itself-back-from-bank-of-america-idUSN1420025820070614 | title=Marsico buys itself back from Bank of America | first=Jonathan | last=Stempel | work=Reuters | date=June 14, 2007}}</ref>
In November 2007, Bank of America injected $600 million into Columbia Management Group to prop up money market funds and institutional cash investments because of their exposure to structured investment vehicles.<ref>{{cite news | url=https://www.institutionalinvestor.com/article/b150q7v9jhg8w6/money-management-columbias-challenge | title=MONEY MANAGEMENT - Columbia’s Challenge | first=Julie | last=Segal | work=Institutional Investor | date=January 17, 2008}}</ref>
In 2008, the company lost $459 million due to capital requirements required to prop up its money market funds.<ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2009/01/12/daily62.html | title=Columbia Management logs $459M loss | first=Tim | last=McLaughlin | work=American City Business Journals | date=January 16, 2009}}</ref>
In early 2009, Bank of America began soliciting offers for Columbia Management Group.<ref>{{cite news | url=https://archive.boston.com/business/markets/articles/2009/05/12/columbias_tangled_web/ | title=Columbia's tangled web | first=Steven | last=Syre | work=The Boston Globe | date=May 12, 2009 | url-access=subscription}}</ref>
In May 2010, Ameriprise Financial acquired the company for $1 billion.<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20100503005848/en/Ameriprise-Financial-Completes-Columbia-Management-Acquisition | title=Ameriprise Financial Completes Columbia Management Acquisition | publisher=Business Wire | date=May 3, 2010}}</ref>
==References== {{Reflist|1}}
Category:Financial services companies established in 1962 Category:1962 establishments in Oregon