In Brief: Fleet Buy of Ore. Firm Adds $20B of Assets

Fleet Financial Group said Wednesday it completed its purchase of Columbia Management Co., Portland, Ore.

The deal, announced Aug. 14, brings Fleet $20 billion in mutual fund, trust, and managed account assets, boosting its assets under management to more than $95 billion.

Columbia will retain its name and operate as a stand-alone company under the direction of current management. Columbia's management will report to Fleet vice chairman Gunnar Overstrom, who oversees all of Fleet's investment services businesses.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER