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
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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