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Rating:Layoffs Hit a Midwest Fund Firm Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, January 27, 2010

Layoffs Hit a Midwest Fund Firm

Reported by Armie Margaret Lee

RiverSource Investments, whose parent Ameriprise Financial is in the process of buying Columbia Management's long-term asset management business, is laying off some employees in sales and marketing, The MFWire has learned.

A source told The MFWire that RiverSource on Monday announced layoffs affecting some workers in marketing and that last week, the Minneapolis-based fund firm notified some internal and external wholesalers of layoffs.

The number of people affected could not immediately be confirmed.

RiverSource spokesman Ryan Lund declined to comment on specifics.

"We are in the process of combining two firms that have very strong talent at all levels, and our goal is to build upon those strengths," Lund wrote in e-mailed comments to The MFWire.

"While these decisions are difficult, they are a part of the integration process. We continue to thoroughly review current roles and talent and evaluate the needs of the organization, as well as the best interests of our shareholders."

Ameriprise's $1 billion acquisition of Columbia's long-term business was unveiled September 30 and is slated to close this spring. 

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