Newly independent RiverSource Investments is making a run at boosting its subadvisory business. To lead the push, the Minneapolis-based unit of Ameriprise Financial hired Putnam Investments veteran Bruce A. McCutcheon. Ameriprise is a spin-off from American Express, which will hand its financial advisory and brokerage business to shareholders in October in order to focus on its credit card operations.

RiverSource Investments claimed more than $5 billion in subadvised assets under management on July 31, 2005. It also acts as the advisor to the American Express family of mutual funds.

McCutcheon main charge will be to grow equity and fixed income subadvisory assets under management for external product platforms and to manage those relationships, according to Ameriprise officials. He will report to Andrew O. Washburn, head of marketing for RiverSource Investments and will work from Cambridge, Massachusetts.

"We are building upon RiverSource Investments' strong investment capabilities at a time when we are defining the new brand," said Washburn. "Bruce's experience working with broker-dealers and other asset managers makes him well-suited to raise awareness of our investment capabilities and ultimately drive results in this new role."

At Putnam McCutcheon was senior vice president, relationship channel leader broker/dealer, mutual funds. Before joining Putnam in 2003, he held posts at LPL Financial Services, Inc., John Nuveen and Co. and Massachusetts Financial Services, Inc. 

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