Cleary Gottlieb is representing its longtime client J. & W. Seligman & Co. Incorporated, a privately held asset management firm, in a sale of the company to Ameriprise Financial, Inc. for $440 million. The sale was announced on July 7 and is expected to close in the fourth quarter, subject to regulatory and other consents and approvals.
Founded in 1864, Seligman manages approximately $18 billion in assets in open-end and closed-end funds, hedge funds and institutional accounts. The company helped pioneer single-state municipal funds and manages the United States’ first growth mutual fund. Ameriprise Financial, Inc. is one of the largest financial planning, asset management and insurance companies in the United States. Ameriprise owns, manages or administers approximately $480 billion in assets and has more than 2.8 million clients.
