is up for sale, reports Dow Jones
' Eric Baum
. He cites Ameriprise
and Lincoln Financial
possible bidders for the New York City-based company.
A spokesman for Seligman declined to comment.
Both possible buyers already have a mutual fund arm, with Lincoln operating its funds under the Delaware Investments
brand; and Ameriprise operating its funds under the RiverSource
While the identity of Seligman's banker is not known, Baum reports that Merrill Lynch & Co. filled the role when Seligman last tried tried to sell it self to New York Life Insurance Co. in 2003. That deal fell through because neither party could agree on a price, according to Baum. New York Life reportedly offered to pay slightly north of $200 million.
The 2003 sale may have been prompted by charges that then-New York Attorney General Eliot Spitzer
brought against the fund firm for market-timing. Seligman's CEO at the time, Brian Zino
, became well-known in the fund industry for joining a suit against Spitzer that alleged he had overstepped his legal authority and had taken on powers rightly resting with Congress and the SEC.
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