The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:RiverSource Outsources, Lays off 68 Not Rated 1.0 Email Routing List Email & Route  Print Print
Monday, June 16, 2008

RiverSource Outsources, Lays off 68

Reported by Erin Kello

RiverSource Investments laid off 68 workers last week. The Minneapolis StarTribune reports that the workers were all from the company's asset custody and servicing business.

RiverSource is outsourcing administrative work to JPMorgan's fund services unit. A JPMorgan spokeswoman told The MFWire that the conversion will occur in the fourth quarter.

The spokeswoman said JPMorgan will provide Ameriprise with fund accounting, fund administration and transfer agency services for over $20 billion in assets.

A spokesman for RiverSource told the MFWire that, "we (RiverSource) entered into the strategic relationship so we can focus our attention on more attractive opportunities. Remaining competitive in the asset custody business would have required ... a significant investment to increase scale and technology effectiveness."

JPMorgan will also serve as outsourcing provider for Ameriprise’s domestic and global custody and securities lending services for more than $130 billion in assets.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use