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

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.
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