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Ameriprise Buying Investment Advisor
Ameriprise is downsizing its broker-dealer arm - with the planned sale of Securities America - while diversifying further into fee-based revenue. Ameriprise announced the acquisition of Grail Advisors, a SF-based provider of actively managed ETF's. Grail Advisors will operate under Columbia Management Investment Advisers, a unit of Ameriprise Financial. The transaction gives Columbia Management a presence in the active ETFs market. Terms weren't disclosed for the deal which is expected to close in May.
Ameriprise acquired Columbia Management from Bank of America one year ago - May 2010 - for ~$1 billion. Columbia Management had AUM of $355 billion as of 12/31/10. [SF Bus. Times, 4/18/11]
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