Ameriprise Financial finalized a $440 million deal to purchase J&W Seligman in the fourth quarter. The addition of Seligman will provide Ameriprise with additional outlets to sell its mutual funds and further improve its hedge fund business. "This transaction reinforces our growth strategy, and in particular our efforts to grow our higher-margin businesses," Chief Executive Officer James Cracchiolo said in a statement.

Seligman was founded in 1864 by two brothers, James and William, and the Minneapolis-based firm manages approximately $18 billion. According to Bloomberg data, the Seligman Communications and Information Fund is the firm's largest mutual fund, currently valued at $3.8 billion.

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