, whose parent Ameriprise Financial
is in the process of buying Columbia Management's
long-term asset management business,
is laying off some employees in sales and marketing, The MFWire
A source told The MFWire
that RiverSource on Monday announced layoffs affecting some workers in marketing and that last week, the Minneapolis-based fund firm notified some internal and external wholesalers of layoffs.
The number of people affected could not immediately be confirmed.
RiverSource spokesman Ryan Lund declined to comment on specifics.
"We are in the process of combining two firms that have very strong
talent at all levels, and our goal is to build upon those strengths," Lund wrote in e-mailed
comments to The MFWire
"While these decisions are difficult, they are a part of the integration process. We continue to thoroughly review current roles
and talent and evaluate the needs of the organization, as well as the
best interests of our shareholders."
Ameriprise's $1 billion acquisition of Columbia's long-term business was unveiled
September 30 and is slated to close this spring.
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