Columbia Acorn grows its minimum

Columbia Acorn has increased the minimum initial investment for Columbia Acorn Select accounts from $50,000 to $100,000. Columbia Management is the primary investment management division of Charlotte, N.C.-based Bank of America Corp. The increase, effective June 25. The new minimum is intended to reduce the fund's future net cash inflows, while preserving the integrity of the investment process, Bank of America said in a statement. Existing Columbia Acorn Select shareholders are allowed to make additional investments in existing accounts and can keep their existing accounts under the new minimum. Group retirement plans that previously had been identified to the fund as potential new investors will be subject to the $100,000 minimum effective July 27. In addition to increasing the fund's minimum initial investment, the board modified the number of companies in which the fund can invest from between 30 and 60 to between 20 and 40. The board also approved an increase in the percentage limit in foreign securities to 33% from 25% of the fund's net assets. Boston-based Columbia Management and its affiliates managed $547.4 billion in assets as of March 31.