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Rating:Mergers, Change Fees Loom for Riversource, Seligman Fund Shareholders Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 13, 2009

Mergers, Change Fees Loom for Riversource, Seligman Fund Shareholders

by: Neil Anderson, Managing Editor

Now that RiverSource's acquisition of Seligman is complete, it's time for the fund mergers. In Morningstar's Fund Times, Ryan Leggio reports that RiverSource plans to merge 47 funds from the two complexes in May, pending shareholder approval. According to Leggio, Seligman Global Technology will swallow RiverSource Global Technology, while RiverSource Disciplined Equity will gobble Seligman Common Stock.

Leggio also follows Morningstar analyst Andrew Gogerty's lead in chastising RiverSource for charging shareholders in 30 Seligman funds a one-time 16 basis-point fee for switching transfer agents (see MFWire, 2/6/2009).

RiverSource parent Ameriprise's $440 million acquisition of Seligman first came to light last summer, and the deal closed in November (see MFWire, 4/23/2008, 7/7/2008, 7/8/2008, 8/8/2008 and 11/10/2008). 

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