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FleetBoston Unit Continues Fund Consolidations

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Oct. 22, 2002 — Columbia Management Group Inc., the asset management arm of FleetBoston Financial (FBF), will merge 21 of its mutual funds as part of a new phase of fund consolidation.

Specifically, 21 funds from the Liberty, Galaxy and Stein Roe fund families will be merged into 15 funds bearing either the Liberty or Columbia names.

According to Jon Ullman, a spokesman for FleetBoston, Columbia will have 89 mutual funds remaining at the end of this consolidation process, which began earlier this year when Columbia had about 122 retail mutual funds under its umbrella.

In a press release in July, when this phase of consolidations was initially announced, Columbia stated that this initiative is designed to “simplify and rationalize its mutual fund offerings” and to “offer a simplified product line, consisting of Columbia Management Group’s best performing funds that are managed by the firm’s most talented professionals.”

Further details were unavailable.

New York-based Columbia has about $140 billion in assets under management.