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BOSTON — Ameriprise Financial agreed to buy the Columbia stock and bond funds from Bank of America for as much as $1.2 billion in cash, the biggest purchase by the investment and insurance company since its spinoff from American Express.
The acquisition will include $165 billion in funds and individual accounts managed by Boston- based Columbia Management Group, bringing Ameriprise’s assets under management to about $379 billion, the Minneapolis-based company said Wednesday in a statement. Ameriprise shares rose the most in six months. Bloomberg News
