Columbia Management has completed the acquisition of Grail Advisors, MutualFundWire reports. The buyer has now become the investment manager of five active exchange-traded funds (ETFs), which were renamed with the Columbia moniker.
After the closure of the deal, the former sub-advisors, American Beacon, RiverPark Advisors and McDonnell Investment Management, are no longer involved with the funds. The firm has appointed nine new trustees and has changed the names of the ETFs, adds AdvisorOne.
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