Ameriprise Financial Inc. has announced an agreement to buy J. & W. Seligman & Co. Inc. for $440 million.
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The deal was unveiled Monday and is expected to close in the fourth quarter; it is expected to be accretive to Ameriprise's earnings and return on equity next year.
Seligman, which is based in New York, has $18 billion of assets under management in open- and closed-end funds, hedge funds, and institutional accounts. It has $3 billion of hedge fund assets. Once the deal closes Seligman is to retain its investment management teams and continue using its brand name.
Ameriprise, which is based in Minneapolis, is a diversified financial services company serving mass-affluent and affluent individuals.
