News Release
November 1, 2007
Reporters May Contact:
Jon Goldstein at (617) 434-7392
jon.goldstein@bankofamerica.com
BOSTON – Michael A. Jones has been appointed president of Columbia Management, Bank of America’s investment management organization with nearly $377.9 billion1 in assets under management (as of September 30, 2007). Jones will report to Keith Banks, president of Global Wealth & Investment Management for the company.
Jones most recently served as head of distribution for Columbia Management, responsible for all sales channels. With more than 20 years of experience in the investment management industry, Jones joined Bank of America in 2006. Previously, he served as co-president and senior managing director at Robeco Investment Management.
“Mike brings exactly the right mix of expertise and experience to lead Bank of America’s investment management organization to the next level,” said Banks. “I am very confident that under Mike’s leadership, Columbia will further build upon the strong foundation put in place over the last three years. This includes Columbia’s streamlined and strengthened mutual fund lineup, featuring solid historical performance and lowered costs; enhanced institutional client and consultant capabilities; and an industry leading intermediary sales force.”
This move follows other recent major announcements from Columbia, including the appointment of Colin Moore as its chief investment officer and the launch of its largest marketing and advertising campaign ever. A new head of distribution for the business will be named at a later date.
During his tenure at Robeco, Jones was responsible for directing the organization's sales, marketing, relationship management and product development. He also served as a member of the organization's Management Committee and chairman of its Product Review Committee. Previously, he was chief operating officer at Boston Partners Asset Management, L.P. from 1995 to 2002, with responsibility for sales, relationship management, marketing and strategic planning. Earlier in his career, he worked for 13 years in a variety of positions with The Boston Company Asset Management, most recently as senior vice president and chief operating officer.
Columbia Management
With more than $709 billion2 overall under management (as of September 30, 2007) and a history that dates to the early 1900s, Columbia Management and its affiliates make up one of the nation’s largest and most experienced asset management companies. Columbia offers a comprehensive array of investment solutions, including equity, fixed-income and cash strategies. Its diverse investment solutions and focus on the needs of clients make Columbia Management the asset manager of choice for institutions, corporations, advisors and high-net-worth investors. To learn more about Columbia Management, visit www.columbiamanagement.com.
Bank of America
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 more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 23 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 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. www.bankofamerica.com
1Columbia Management Advisors, LLC is an SEC-registered investment advisor and indirect, wholly owned subsidiary of Bank of America Corporation. 2 Columbia Management and its affiliates comprise the wealth and investment management division of Bank of America Corporation. As of September 30, 2007, Columbia Management and its affiliates managed assets of $709.9 billion. Columbia Management and its affiliates’ managed assets consist of assets under the discretionary management of the registered investment advisors, Columbia Management Advisors, LLC ($377.9 billion), Columbia Wanger Asset Management, L.P. ($38.5 billion) and Marsico Capital Management, LLC ($103.4 billion); U.S. Trust, Bank of America Private Wealth Management; Banc of America Investment Services, Inc.; Banc of America Investment Advisors, Inc.; Bank of America Capital Advisors, LLC; Premier Banking & Investments, and United States Trust Company, National Association, including its subsidiary, UST Advisers, Inc. ($116.5 billion).
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