Mike Jones, president of U.S. asset management at Columbia Management Investment Advisers LLC, has left the firm to become the chief executive of Pyramis Global Advisors, the institutional investment arm of
Fidelity Investments.
A replacement wasn't immediately named.
“We appreciate Mike's many years of service to the organization and wish him well. We have a strong, experienced leadership team in place that will share his responsibilities,” Ryan Lund, a spokesman for Columbia, said last week.
Mr. Jones headed the Columbia mutual fund group before it was acquired from Bank of America Corp. by Ameriprise Financial Inc. for $1 billion in April 2010. He was named president after the purchase.
William Truscott, head of Ameriprise's own mutual fund family, which was merged into the Columbia funds, was named chief executive.
“Anytime you lose someone that high up, it's a loss,” said Morningstar Inc. fund analyst David Kathman.
"PRETTY SMOOTHLY'
Columbia's focus is still on integrating Ameriprise's funds into the Columbia funds lineup, and it seems to be going “pretty smoothly,” he said.
“It's just a matter of making sure the methods across the whole family are consistent,” Mr. Kathman said.
The integration comprised 71 mutual fund mergers last year.
Columbia has about $162 billion in mutual fund assets, making it the seventh-largest mutual fund provider, according to Morningstar.
Mr. Jones will replace Kevin Uebelein as Pyramis' chief executive.
“Mike has a tremendous track record of leadership in the institutional marketplace,” said Vin Loporchio, a spokesman for Fidelity.
“The needs of institutional investors are growing increasingly complex,” he said. “The change will enhance Pyramis' ability to provide superior solutions that deliver compelling risk-adjusted returns.”
Mr. Uebelein will remain with the firm in the newly created position of global head of delivery solutions.
[email protected]
