NEW YORK — Bank of America Corp. agreed to sell the stock and bond mutual-fund business of its Columbia Management unit to Ameriprise Financial Inc. for as much as $1.2 billion.

Once the transaction closes in the spring, Ameriprise's asset-management business will have global assets under management of nearly $400 billion and will become the eighth-largest U.S. manager of long-term mutual funds, it said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.