Columbia Management Group is an investment management division of megabank Bank of America. For retail clients and high-not-worth investors, the company offers separate accounts, 529 college savings plans, individual retirement accounts, funds of funds, and more than 90 equity, fixed-income, and money market mutual funds. It also administers investment portfolios for institutional investors such as corporations, foundations, pension and benefit plans, and endowments. It has more than $330 billion of assets under management. Bank of America is selling Columbia Management to Ameriprise for approximately $1.2 billion.