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Tuesday, November 11, 2008

RiverSource Hires a Lehman Alum

News summary by MFWire's editors

RiverSource Investments brought on board Todd White as structured assets sector team leader. White will start at the Minneapolis-based investment management firm on November 17, replacing Scott Kirby, who left the firm last month. He will report to Michelle Keeley, executive vice president of equity and fixed income.

White will be the sole portfolio manager of the RiverSource U.S. Government Mortgage Fund and will share management duties for seven other funds, according to RiverSource spokesman Charlie Keller.

Kirby previously spent four years at HSBC, where he was global head of the mortgage-backed securities and asset-backed securities businesses. Earlier, he was with Lehman Brothers for 18 years.

Company Press Release

MINNEAPOLIS--(BUSINESS WIRE)--RiverSource Investments announced the hiring of Todd White as structured assets sector team leader. RiverSource Investments, LLC, is a subsidiary of Ameriprise Financial, Inc. (NYSE: AMP - News). White will be a portfolio manager for the following retail and variable portfolio (VP) funds:

* RiverSource Diversified Bond Fund
* RiverSource VP Diversified Bond Fund
* RiverSource Limited Duration Bond Fund
* RiverSource Short Duration U.S. Government Fund
* RiverSource VP Short Duration U.S. Government Fund
* RiverSource U.S. Government Mortgage Fund
* RiverSource Balanced Fund
* RiverSource VP Balanced Fund

White has more than 22 years of experience in fixed income investing, specializing in mortgage-backed securities, asset-backed securities and interest rate trading. Prior to joining RiverSource Investments, White was Managing Director and Global Head of Mortgage Backed Securities and Asset Backed Securities Businesses and North American Head of Interest Rate Trading at HSBC. Previously, he spent 18 years at Lehman Brothers, most recently serving as Managing Director and Head of the Residential Mortgage and Option Businesses.

"Todd brings a wealth of proven investment and leadership ability to RiverSource Investments,” said Michelle Keeley, executive vice president - equity and fixed income. “Todd’s depth of experience in mortgaged-backed securities and interest rates will be a tremendous addition to our fixed income management team. We are excited that he is joining RiverSource."

White’s first day at RiverSource is Nov. 17.

About RiverSource Investments

RiverSource Investments develops and manages asset growth, preservation and income solutions that revolve around the needs of today’s investors. The firm’s specialized investment platform provides access to investment and research professionals located in strategic investment centers in the U.S. and overseas. As a leading source of investment insight and innovation, RiverSource Investments delivers a full range of products across the risk return spectrum to retail investors and their advisors and to institutional investors including corporations, pension funds, governments, foundations and endowments.

For more information, visit riversource.com.

About Ameriprise Financial

Ameriprise Financial, Inc., is a diversified financial services company serving the comprehensive financial planning needs of the mass affluent and affluent.

For more information, visit ameriprise.com.

You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, call (888) 791-3380. Read the prospectus carefully before investing.

Investment products, including shares of mutual funds, are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

RiverSource® mutual funds are distributed by RiverSource Distributors, Inc., Member FINRA, and managed by RiverSource Investments, LLC. These companies are part of Ameriprise Financial, Inc. 

Edited by: Armie Margaret Lee

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