is buying a smart beta shop.
| Ted Truscott|
Ameriprise Financial Services, Inc.
Chief Executive Officer, Global Asset Management
This morning Truscott, CEO of Ameriprise's Columbia Threadneedle Investments
] arm, unveils
a deal to buy New York City-based Emerging Global Advisors
]. The pricing and terms were not disclosed, and the deal is expected to close later in 2016.
EGA launched its first ETF in 2009. It now has nine emerging markets equity ETFs with a combined $892 million in AUM. Columbia Threadneedle has more than 2,000 people and $464 billion in AUM.
, CEO of EGA and former head of UBS's U.S. wealth management business, states that his team "is excited about joining Columbia Threadneedle Investments." He sees the deal as offering EGA's clients "access to Columbia Threadneedle's rich investment expertise." Robert Holderith
, president and founder of EGA, points to Columbia Threadneedle's "expansive footprint across global markets" as providing EGA "an opportunity to accelerate the growth of [its] smart beta platform."
The deal comes after Columbia Threadneedle filed for its own smart beta equity ETFs in Q1 2016.
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