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

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...