Alps Advisers, an asset manager based in Denver, has completed its acquisition of the Liberty All-Star Funds management business from Banc of America Investment Advisors..

The family consists of two closed-end equity funds - the Liberty All-Star Equity Fund, with $1.3 billion of assets, and the Liberty All-Star Growth Fund, with $156 million as of Nov. 30.

The investment managers who manage the funds will become employees of Alps Advisers, the buyer said. The deal was announced in September and the closing occurred Tuesday.

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