RiverSource Investments intends to leverage the distribution muscle of Seligman & Co., which its corporate parent Ameriprise Financial is acquiring in a deal expected to close in November, and retain the Seligman brand.

"Seligman has a very strong presence in the third party distribution channels, RiverSource plans to fully leverage those capabilities," said Patrick Bannigan senior vice president, general manager of mutual funds at RiverSource, in an interview with The MFWire.

Bannigan, who described the transaction as "complimentary," said Ameriprise has no plans to change the branding on any of Seligman's products.

"The Seligman brand has a rich history," he added.

The Ameriprise-Seligman deal was announced a month ago. (see The MFWire July 7, 2008) 

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