Bank of America spokesman Jon Goldstein tells Crane Data that its Columbia Management unit will be moving its money market mutual fund management operations to Boston. The move had been anticipated since the appointment of former Putnam executive Paul Quistberg as head of cash and the departure of Randy Royther. Quistberg reports to Fixed Income Investments and Liquidity Strategies chief Stephen Peacher.
Goldstein tells us that about 30 positions will be impacted, and that the moves will occur "now through the end of September. It's going to be a phased approach." He adds that some individuals will choose to relocate from Charlotte. He tells us, "It's part of a natural evolution of our fixed-income and cash business. This will allow us to leverage some of our resources through closer geographic proximity."
Sources also say that Columbia Managing Director and Head of Global Capital Sales Fred Berretta has changed roles and is now with parent company Bank of America. The distribution of Columbia's massive $200+ billion money fund complex will be handled by teams reporting to Columbia Management's Jeff Peters.
See also, Charlotte Business Journal's "BofA moving cash group to Boston".
