Columbia Management announced this week it plans to consolidate its mutual fund offerings. The mergers, which affect 11 funds, were approved by the board of trustees last month and now must pass muster with shareholders of the acquired funds.
Columbia, which is part of Bank of America, began consolidating funds in late 2005. By December, the company had streamlined its 199 funds to 87, saving on expenses, the company said.
The largest of the mergers is the $883.7 million Columbia Intermediate Core Bond Fund, which will join with the $1.04 billion Columbia Core Bond Fund.
The $2.13 billion Columbia Intermediate Municipal Bond Fund will absorb the $281.2 million Florida Intermediate Municipal Bond Fund and the $ 197.7 million Texas Intermediate Municipal Bond Fund.
The $1.96 billion Columbia Tax-Exempt Fund will take in the Columbia Tax-Exempt Insured Fund and the Columbia Strategic Investor Fund.
The $760.6 million Columbia Young Investor Fund will join the $492.7 million Columbia Strategic Investor Fund.
The $218.2 million Columbia Small Company Equity Fund will be merged into the $429.6 million Columbia Small Cap Growth Fund II.
The $254.3 million Tax-Managed Growth Fund will be merged into the $489.7 million Columbia Growth Stock Fund and the $1.48 billion Columbia Large Cap Growth Fund. The $526.2 million Columbia Dividend Income Fund will encompass the $385.2 million Columbia Utilities fund.
"These mergers are another step toward out goal of creating a simplified lineup of mutual funds and achieving expense savings for our fund shareholders," said Columbia President Keith Banks.