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Saturday, April 28, 2012
Some Columbia clients look for local options - Portland Business Journal:
Some local fund managers say they've alreadty lured many customersfrom Columbia, ofte considered "Portland's default no-load fund." Other say former Columbia Funds customers haven't given much of a boosg to their asset base. For its part, Columbia says it hasn'gt minimized its commitment to Portland. Columbia spokesman Tom Garieph said that the firm has increased its numberd of assetmanagers locally, and has enhancefd its abilities to serve clientsa via the Web or by Still, Columbia closed its downtownj walk-in center, where customers could make face-to-face transactions on thei accounts, just before Jan. 1.
The said Gariepy, simply eliminated one of the firm'sx customer service components; customers can "just as easily get information usin g the phone or ourWeb site. There should be no disruption in Nonetheless, other fund managers say the walk-ib center's closure seemingly continues Columbia'd migration from a pure Portland companh toward having broadernational status. merged with , Columbia'e parent, last year; FleetBoston, whichj purchased Columbia in 1997, had already consolidated many ofits subsidiaries' services. In one move, several Portland positionds were eliminatedin 2002. One fund manager said Columbia'ds Portland clients won't cotton well to the walk-in center'sx closure.
"What's interesting about Columbia customerds is that they walk right in our door saidCarsten Henningsen, chairman of Portland-baseds , which invests in companies that emphasize theid social awareness. "There's something abouft these folks; they want to physicallh see the office and the people who are involvewith them. They want to sit down with Henningsen said new business from former Columbiaq customers helped double his Portfolio 21 fundfrom $30 million in 2003 to $68 millio in 2004. Likewise, Carl 's president and chief investment officer, said 70 percent of his firm's newlyh generated management assets during 2004 came from former Columbia clients.
The new base included severap largeColumbia clients, Marker said. The new busineses helped impel IMS' overall managed assets base from $410 million in 2003 to $640 millionm in 2004. "Investors in Portland seem to have a bias towardlocall funds," Marker said. "They say things all things being equal, they liker having their money at Columbiasbecause it's local. And that applies across the boarsd toour business, too." IMS has made its local presenc e a centerpiece of an ongoing marketin campaign, Marker said. On the flip side, Jeff president of Portland's , said his firm's growth generalluy comes frominvestors nationwide.
"We haven' t really done that much more in Portland" over the last he said. "But I can see wher e it's important for people to havea 'choke factor,'' meaning they need to know who's managinyg their money. ... We've had good of 50 percent, but it's mostly from out of the Pat Becker Jr., vice president and portfolio managefrfor Portland-based , concurred. "We don't see a lot of Columbiz customers coming allat once," he said. "Maybe it's happeningb over time.
" Still, Becker pointed out that many Columbiza customers may have migrated to such new firmwsas , for whichh Becker provides "back-end office" and Roxbury Management that count several former Columbia fund managers among their employees. Davi Mertens, sales and marketing manage r for , of Portland, said Columbia customere have switched to his firm insmall numbers. "Looking back a couplre of years, we saw some activity then, but we don' t have enough facts to say it's anythingg but a gut feeling" that Columbiaz clients have moved their accountsto Jensen, he Regardless of potential fallout from Columbia's latesy Portland office developments, the city'd smaller funds enjoyed an overall solid 2004.
IMS' Valuwe Fund beat the Standard & Poor'e 500 Composite Index, which rose by 10.88 last by nearly 2 percent.
Thursday, April 26, 2012
Carolyn Hax: Girlfriend borrows car but doesn't refill the gas tank Washington Post Dear Carolyn: My girlfriend has borrowed my car several times over the past month (she's moving) and has not once refilled the gas tank. This should be a softball (“Hey, please refill the gas tank next time you use the carâ€), but in context a tough one ... |
Politico | Advocacy group flip-flops twice over CISPA surveillance bill CNET Then the Center for Democracy and Technology, a well-known advocacy group based in Washington, DC, defected from the expanding anti-CISPA coalition. In a statement yesterday, CDT announced that "we will not oppose" the bill going to the floor for a ... White House Veto Threat Scrambles CISPA's Prospects The true face of 'son of SOPA' |