Columbia Management has announced that it has signed a Letter of Intent with Blackstone Alternative Asset Management (“BAAM”) to research and develop investment solutions that leverage Columbia’s asset management capabilities and Blackstone’s hedge fund solutions business.
Columbia has considerable experience in asset allocation and alternative investing, with Jeff Knight, Global Head of Investment Solutions and Asset Allocation, and William Landes, Ph.D., Deputy Head of Global Investment Solutions, leading the company’s efforts to develop and manage compelling products and solutions for its clients.
Columbia’s expertise in asset allocation, equity and fixed-income investment management, and sub-advisory selection capabilities offers investors a powerful opportunity to help meet their specific needs. The addition of Blackstone’s alternative investment proficiency as captured through existing registered fund solutions will further enhance Columbia’s capability set.
BAAM is the world’s largest discretionary allocator to hedge funds and it strives to provide best-in-class solutions across alternative asset classes and strategies.
“Collaboration with Blackstone will enhance Columbia’s already deep product line-up and should allow us to reach even more investors and distribution partners, both domestically and internationally, with a broad set of alternative investment capabilities,” said Bill Landes. “This is an important opportunity to further enhance our offering of alternative investments and solutions-based strategies.”
Columbia Management is a manager of long-term mutual fund assets with $358 billion under management as of September 30, 2014. Columbia Management is a subsidiary of Ameriprise Financial, Inc.