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Wednesday, June 10, 2009|
An Ameriprise Move Raises Deal Speculation
Ameriprise might merit extra attention from fundsters in the upcoming weeks. RiverSource Investments' parent company revealed plans for a $900 million public offering Wednesday, and speculation quickly followed as to what use the proceeds of the offering will be put to.
While the prospectus for the offering enigmatically states that funds will be used to support growth strategies and to "take advantage of acquisition opportunities as they become available from time to time," Barron's Bob O'Brien suggested that Ameriprise may logically be interested in expanding its retail asset management buisiness. The offering follows a Monday piece in the Wall Street Journal, which reported that two areas Ameriprise said it might look at expanding are retail distribution and asset management capabilities.
Ameriprise is certainly no stranger to acquiring asset managers. The brokerage carried out a $440 million all-cash purchase of J&W Seligman & Co. late last year (see The MFWire , 11/10/08).
Printed from: MFWire.com/story.asp?s=21771
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