Minneapolis-based Ameriprise Financial will rebrand its Columbia Management and Threadneedle Investments asset management businesses as Columbia Threadneedle Investments.

Ameriprise bought the United Kingdom firm Threadneedle Asset Management in 2003 for $570 million and bought Boston-based Columbia Management in 2010 from Bank of America for about $1 billion. The two firms have shared information in the past, but the formal arrangement will allow the asset management group to seek a greater share of the global market, Ameriprise says.

– Global Asset Management for Ameriprise. "Presenting the combined capabilities of both firms under a single brand is the natural next step."

The rebranding should be complete by midyear. The company said the new brand reinforces its strength in its home markets in the U.S., U.K. and Europe and accelerates the company's growth in fast-growing markets like Asia Pacific, Latin America and the Middle East.

Together, the two firms have $505 billion in assets under management and 121 mutual funds rated 4 or 5 stars by Morningstar.

The investment teams, processes and legal entities at both firms will not change, according to the company. The combined group will have more than 2,000 employees, including 500 dedicated investment professionals. It will have locations in 18 countries across North America, Europe, Asia Pacific and the Middle East.