Wednesday, 28 September 2016
Last updated 6 hours ago
Apr 24 2008 | 11:39am ET
Ameriprise Financial and Lincoln Financial Group are in talks to acquire J.W. Seligman & Co. with an eye toward its highly-successful $1 billion technology hedge fund.
The Seligman Tech Spectrum Fund, managed by Paul Wick, is down 4.3% this year, but returned 16.6% last year and 28.4% the year before. The fund is currently closed to new investors.
Seligman also manages a number of traditional investment portfolios, which both Ameriprise and Lincoln Financial could fold into their own products, Dow Jones reports.