Bank of America reorganised its wholly owned asset management business, Columbia Management, giving its previous head of alternative investments purview across all the firm’s asset classes.

Colin Moore, chief investment officer and head of alternative investments for Columbia, will now oversee the firm’s equity, fixed-income and cash investment platforms.

He will report to current president of Columbia, Michael Jones.

Columbia managed $709.9 billion of assets at the end of September 2007.

The company also announced Stephen Peacher, previously responsible for the fixed income investment platform, would be the new head of fixed income investments and liquidity strategies area, reporting to Mr Moore.

Michael Pelzar joined Columbia as head of Product Management focused on expanding the firm’s individual and institutional client base.

Mr Pelzar previously led business development for Bank of America's Global Wealth & Investment Management division, according to the firm. He too will report to Mr Moore.

The firm said the changes would increase the consistency of delivery across all its asset classes.

Columbia Management sits alongside registered investment advisory firm Columbia Management Advisors; as well as Columbia Wanger Asset Management; Marsico Capital Management; US Trust, Bank of America Private Wealth Management; Banc of America Investment Services; Banc of America Investment Advisors; Bank of America Capital Advisors; Premier Banking & Investments, and United States Trust Company – all of which make up the wealth and investment management division of Bank of America Corporation.