Ameriprise Financial (AMP) Completes Acquisition of J. & W. Seligman & Co.; Sees Deal Accretive to 2009 Earnings
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Ameriprise Financial, Inc. (NYSE: AMP) announced that it has completed its all-cash acquisition of J. & W. Seligman & Co. The transaction was announced in July.
The acquisition of New York-based Seligman adds more than $16 billion in assets in open- and closed-end funds, hedge funds, and institutional accounts to RiverSource Investments, LLC. As of Sept. 30, the combined firms held approximately $144 billion in assets under management.
Seligman is recognized in particular for its accomplished technology investment team, which manages retail and alternative portfolios, including Seligman Communications and Information Fund.
The transaction is expected to be accretive to Ameriprise Financial earnings and return on equity in 2009.[SM]
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