J.W. Seligman Bidders Eye Tech Hedge Fund

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.

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