Now that
RiverSource's acquisition of
Seligman is complete, it's time for the fund mergers. In
Morningstar's
Fund Times, Ryan Leggio
reports that RiverSource plans to merge 47 funds from the two complexes in May, pending shareholder approval. According to Leggio,
Seligman Global Technology will swallow
RiverSource Global Technology, while
RiverSource Disciplined Equity will gobble
Seligman Common Stock.
Leggio also follows Morningstar analyst Andrew Gogerty's lead in chastising RiverSource for charging shareholders in 30 Seligman funds a one-time 16 basis-point fee for switching transfer agents (see
MFWire, 2/6/2009).
RiverSource parent
Ameriprise's $440 million acquisition of Seligman first came to light last summer, and the deal closed in November (see
MFWire,
4/23/2008,
7/7/2008,
7/8/2008,
8/8/2008 and
11/10/2008). 
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