Columbia Management, part of New York-listed Ameriprise Financial, announced yesterday it has signed a letter of intent with Blackstone Alternative Asset Management to research and develop investment ideas for both firms.

Columbia Management, part of New York-listed Ameriprise Financial, announced yesterday it has signed a letter of intent with Blackstone Alternative Asset Management to research and develop investment ideas for both firms.

The deal puts two of the largest investment houses in the US in partnership; Columbia oversees $358 billion (as at Sept. 30) of long-term mutual fund assets, while BAAM is the hedge fund solutions platform of Blackstone, the listed investment house and a major player in fields such as private equity.

Columbia’s efforts in asset allocation and alternative investing are led by Jeff Knight, global head of investment solutions and asset allocation, and William Landes, PhD, deputy head of global investment solutions.

“The addition of Blackstone’s alternative investment proficiency as captured through existing registered fund solutions will further enhance Columbia’s capability set,” Columbia said in a statement.