After months of speculation, Bank of America (BAC +0.7%) offloads the long-term asset-management...

|About: Bank of America Corpora... (BAC)|By:, SA News Editor

After months of speculation, Bank of America (BAC +0.7%) offloads the long-term asset-management business of Columbia Management to Ameriprise Financial (AMP +14.1%) for about $1B. BofA says it's still considering alternatives for Columbia's short-term asset management business. The unit manages about $165B in total.