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

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

Rating:A Fund Firm is Laying Off 15 Wholesalers Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 17, 2009

A Fund Firm is Laying Off 15 Wholesalers

Reported by Armie Margaret Lee

RiverSource is eliminating 15 wholesaler posts, or 27 percent of its wholesaling team, a source familiar with the situation told The MFWire. The reorganization within RiverSource's sales force comes on the heels of an unspecified number of cuts last week that primarily affected marketing and product development employees (see The MFWire, 04/09/09).

Company spokesman Charlie Keller confirmed the layoffs. "While decisions like these are always regrettable and difficult, this reorganization is necessary to improve operational efficiencies within our wholesaling efforts," Keller said.

Employees were notified earlier this week of the reorganization. The process is expected to be completed in two weeks. By then, RiverSource Distributors, led by vice president and national sales manager Jeff McGregor, will be down to 40 wholesalers.

RiverSource, a subsidiary of Ameriprise Financial, has had one set of wholesalers calling on Ameriprise advisors and a separate set calling on advisors outside the Ameriprise umbrella.

Under the new system, wholesalers will be covering advisors both in and outside the Ameriprise fold within their territories.

At the end of February, RiverSource's mutual fund AUM totaled $33.54 billion, according to Mercatus' Financial Research Corp. RiverSource ended 2008 with AUM of $38.03 billion, down from $61.34 billion at the end of 2007.

The reorganization comes five months after Ameriprise completed its $440 million all-cash acquisition of Seligman (see The MFWire, 11/10/09).  

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
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:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use