The president of Minneapolis-based RiverSource Funds, a subsidiary of Ameriprise Financial, will step down August 4.

Paula Meyer, who has held her current position since 2000, will move on to pursue other interests, company spokesperson Paul Johnson confirmed. "This was her decision," he said.

Meyer -- who reports to Ted Truscott, Ameriprise's CIO and president of U.S. asset management -- "has led a considerable change in the business," Johnson said, adding the company is actively involved in a search for her replacement.

RiverSource Funds were known as the American Express Funds until last autumn, when Ameriprise Financial was spun off from American Express.  

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