MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, March 13, 2009 Mergers, Change Fees Loom for Riversource, Seligman Fund Shareholders 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). Printed from: MFWire.com/story.asp?s=21001 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |