Ameriprise Buys Seligman, Boosts Alts. Lineup

Jul 8 2008 | 8:50am ET

Ameriprise Financial has struck a deal to buy money manager J.W. Seligman & Co. and its $3 billion in hedge fund assets.

Ameriprise—the former American Express Financial Advisers—will pay $440 million for the New York-based firm, which manages a total of $18 billion. Minneapolis-based Ameriprise currently has hedge funds run by its RiverSource Investments and Threadneedle Investments subsidiaries, and says the deal will boost its presence in the alternative investments industry.

“Seligman is an excellent strategic fit for Ameriprise Financial,” CEO Jim Cracchiolo said. “We look forward to realizing substantial benefits from Seligman’s experienced investment management team and broad retail, institutional and alternative asset distribution strengths.”

Seligman’s biggest draw may have been its technology team, which runs as number of retail and alternatives funds.

Ameriprise will pay for Seligman using cash on hand.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.