News Release
November 1, 2005
Reporters may contact:
Tom Gariepy -- (617) 346-3467
tom.gariepy@bankofamerica.com
BOSTON - Columbia Management, the primary investment management arm of Bank of America, today announced that Columbia Small Cap Growth Fund I (class A, B and C shares) has been opened to new investors.
The fund, which until last month was named Columbia Small Cap Growth Fund, has been closed to new investors since March 2002. At that time, the fund was sold directly to the public, so today’s opening marks the first time that it has been sold to investors who buy investment products through financial intermediaries.
The fund is managed by Kenneth Korngiebel, who has managed the fund since 2004. Korngiebel has been with the Columbia Management small and mid cap growth team since 1996 and has more than 10 years of investment management experience. The fund seeks capital appreciation by investing primarily in stocks of companies with a market capitalization at the time of purchase equal to or less than the largest stock in the S&P SmallCap 600 Index.
“We believe this is an opportune time to open this fund, given the steady demand for small cap capacity in the marketplace,” Korngiebel explained.
“We believe this is a valuable product to add to our lineup,” added Keith Banks, Columbia Management’s president. “The fund has an experienced portfolio management team. We’re pleased to offer this small cap fund as part of a full complement of choices for investors.”
Columbia Small Cap Growth Fund was renamed Columbia Small Cap Growth Fund I when the organization renamed the Nations Funds with the Columbia brand, and a second Columbia Small Cap Growth Fund, now designated Columbia Small Cap Growth Fund II*, was added to the Columbia Funds lineup.
* Prior to September 23, 2005, Columbia Small Cap Growth Fund II was known as Nations Small Company Fund.
Columbia Management, based in Boston, MA, is a part of the Global Wealth & Investment Management division at Bank of America. With $332.3 billion in assets under management, Columbia Management offers products in every major asset class and investment style to both individual and institutional investors. Columbia Management is focused on delivering strong investment performance and superior client service. (Assets as of September 30, 2005).
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
www.bankofamerica.com
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Please consider the objectives, risks, charges and expenses of any Columbia fund carefully before investing. Contact your financial advisor for a prospectus, which contains this and other important information about the fund. You should read it carefully before investing.
Investing in growth stocks incurs the possibility of losses because their prices are sensitive to changes in current or expected earnings. Stocks of small-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies with small market capitalization.
The Standard & Poor’s (S&P) SmallCap 600 index is an unmanaged index that tracks the performance of 600 domestic companies traded on the New York Stock Exchange, the American Stock Exchange and NASDAQ. The S&P SmallCap 600 Index is heavily weighted with the stocks of companies with small market capitalizations.
Columbia Management is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and advise institutional and mutual fund portfolios. Columbia Funds are distributed by Columbia Management Distributors, Inc., member FINRA, SIPC. Columbia Management Distributors, Inc., is part of Columbia Management and an affiliate of Bank of America Corporation.
NOT FDIC INSURED * May lose value * No bank guarantee