Ameriprise Financial finalized a $440 million deal to purchase J&W Seligman in the fourth quarter. The addition of Seligman will provide Ameriprise with addition 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 firms largest mutual fund, currently valued at $3.8 billion.
If you are in the business of trying to attract assets each day you know what a scrappy fight it is. So anytime we can add assets, its a win for us, Ted Truscott, president of U.S. asset management at Ameriprise, told Bloomberg News.
