NEW YORK CITY-Ameriprise Financial has closed on the $440-million purchase of locally based asset management firm JW Seligman in an all-cash deal through Ameriprise’s RiverSource Investments subsidiary. The transaction, which also entails RiverSource becoming the investment manager of Seligman LaSalle International Real Estate Fund, was first announced in July.

In a release, Ameriprise says the Seligman acquisition adds more than $16 billion in assets in open and closed-end funds, hedge funds and institutional accounts. As of Sept. 30, the combined firms held approximately $144 billion in assets under management.

The 144-year-old Seligman brand will continue to be used under the RiverSource umbrella and the firm’s investment management teams are staying on, according to the release. Seligman is recognized in particular for its technology investment team, which manages retail and alternative portfolios, including Seligman Communications and Information Fund, the release says.

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