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Rating:Ameriprise Diverts Seligman Bond Pros from RiverSource Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 28, 2008

Ameriprise Diverts Seligman Bond Pros from RiverSource

by: Armie Margaret Lee

J.W. & Seligman's chief investment officer, Jack Cunningham, and the New York investment manager's taxable bond team did not make the move to Seligman's new owner, RiverSource Investments parent Ameriprise Financial, Pensions & Investments reports.

The departures reflect the overlap that occurs in an acquisition, an Ameriprise spokesman told the pub.

Ameriprise's $440-million all-cash purchase of Seligman closed November 7 (see The MFWire, November 10, 2008). Ameriprise is folding Seligman into RiverSource, though the Seligman brand stays on. RiverSource has absorbed most of Seligman's investment teams. 

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