Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Seligman Assets Flow to RiverSource Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 10, 2008

Seligman Assets Flow to RiverSource

News summary by MFWire's editors

RiverSource Investments parent Ameriprise Financial wrapped up its $440 million all-cash purchase of J. & W. Seligman & Co.. The deal, first announced this summer (see The MFWire, July 7, 2008), boosted RiverSource's AUM by more than $16 billion.

The combined entity had AUM of $114 billion as of end-September.

RiverSource retained Seligman's investment management teams and the Seligman brand.


MINNEAPOLIS, Nov 07, 2008 (BUSINESS WIRE) -- Ameriprise Financial, Inc. announced that it has completed its all-cash acquisition of J. & W. Seligman & Co. The transaction was announced in July.

The acquisition of New York-based Seligman adds more than $16 billion in assets in open- and closed-end funds, hedge funds, and institutional accounts to RiverSource Investments, LLC. As of Sept. 30, the combined firms held approximately $144 billion in assets under management.

Seligman is recognized in particular for its accomplished technology investment team, which manages retail and alternative portfolios, including Seligman Communications and Information Fund.

The acquisition provides multiple benefits for Ameriprise Financial:

-- The addition of Seligman's approximately $3 billion in hedge fund assets substantially increases the company's alternative investment activities;
-- Seligman's proven investment management capabilities add breadth and depth to the RiverSource multi-investment boutique strategy. The transaction adds Seligman's highly distinguished technology investment team and its accomplished growth team, while its value team complements strong RiverSource value offerings;
-- The transaction accelerates the company's third-party distribution reach and scale, and substantially increases its existing wholesaling capabilities. Seligman's successful investment management teams have been retained, and its brand will continue to be used under the RiverSource umbrella.
The transaction is expected to be accretive to Ameriprise Financial earnings and return on equity in 2009.

Forward-Looking Statement This news release contains a forward-looking statement concerning the estimated financial accretion of the company's acquisition reported herein. Such statement reflects management's plans, estimates and beliefs, and is subject to risks and uncertainties, which could cause actual results to differ materially from such statement. Readers are cautioned not to place undue reliance on such forward-looking statement, which speaks only as of the date hereof.
About Ameriprise Financial
Ameriprise Financial, Inc. is a diversified financial services company serving the comprehensive financial planning needs of the mass affluent and affluent. For more information, visit ameriprise.com.
 

Edited by: Armie Margaret Lee


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use