Columbia Threadneedle Investments, the global asset management arm of Ameriprise Financial, closed the acquisition of Emerging Global Advisors (EGA).
Emerging Global Advisors is a New York-based investment adviser and provider of strategic beta emerging market portfolios.
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The acquisition, which was announced in May 2016, adds more than $900m in assets across a suite of nine emerging markets equity exchange-traded funds (ETFs).
It will also expand Columbia Threadneedle’s capabilities in the development, management and deployment of new strategic beta products, which includes strategic and thematic index-based investment strategies, highlighted by the $671m EGShares Emerging Markets Consumer ETF (ECON).
Columbia Threadneedle Investments CEO Ted Truscott said: “We believe that our combined strategic beta offerings enhance and complement our actively managed investment capabilities and bring our expertise to a broader set of investors.
“We are pleased to welcome our new EGA colleagues to Columbia Threadneedle and to offer our clients and partners a strong platform of strategic beta portfolios.”
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By GlobalDataMarc Zeitoun, who was formerly EGA chief product and marketing officer, will now lead Columbia Threadneedle’s strategic beta platform as strategic beta head, and will report to Truscott.
Edward Kerschner has been named as chief portfolio strategist for strategic beta. He will report to global chief investment officer Colin Moore and Zeitoun.
Additionally, Columbia Threadneedle intends to rename the EGShares ETFs to Columbia later in 2016, consistent with the naming convention for the firm’s U.S. mutual funds and other ETFs.
