Ameriprise Financial executives expect to complete their $1.2 billion purchase of Columbia Management's long-term asset management business on May 1.

"We are on track to complete our acquisition of Columbia Management on May 1, 2010, and we're focused on executing a seamless integration," said Ameriprise chairman and CEO Jim Cracchiolo in Amerprise's earnings release on Monday.

The deal, which would transfer ownership of Columbia Management's long-term asset management business from Bank of America to Ameriprise, was first annnounced last September. Bank of America is keeping the cash (i.e. money market) business. 

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