Fleet Builds Up Asset Management Business

November 14, 2001(PLANSPONSOR.com) - Following the close of its $1 billion acquisition of the asset management business of Liberty Financial Cos Inc, Fleet Asset Management will take on a new name and combine some of its overlapping funds in a bid to revamp its asset management business.

Asset management is a key source of fee revenue for the group, with that division bringing in revenues of $279 million, or about 3% of parent FleetBoston’s total, between January and September this year.

With the Liberty acquisition, which boosted the group?s assets under management by 36% to some $170 billion in assets under management, Fleet Asset now places 29 th , up from 42 nd , in the ranks of money managers, according to the company.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Fleet Asset’s units include Galaxy, and Columbia Management, which Fleet bought in 1997 for $400 million. Through its ownership of Liberty, Fleet also now owns Stein Roe & Farnham and Wanger Asset Management.

And while an announcement on a new name is yet to be made, the new moniker likely will not include the name Fleet, according to a Reuters report.