The Securities and Exchange Commission has granted no-action relief to Columbia Funds, a ruling that protects the fund complex against possible agency action stemming from activities of one of its independent directors. At issue is the fact that Columbia Funds Trustee Anthony Santomero also serves as an independent director of Citigroup and Citibank.
Santomero’s corporate directorships came into play on June 1 when the Columbia board officially took on oversight of the legacy RiverSource funds. Ameriprise ....