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.

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