Fleet Financial Group, moving swiftly on a pledge to become a force in asset management, is preparing to buy an Oregon firm that manages some $20 billion in mutual funds and institutional assets.

Sources close to the talks said Wednesday that a deal for Columbia Management Co., Portland, was imminent. Fleet has agreed to pay approximately $600 million, including $400 million in cash up front, one source 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.