Ameriprise among bidders for AIG B-Ds

Ameriprise Financial Services Inc. is among the four suitors expected to put in a bid for American International Group Inc.’s broker-dealer businesses by the end of the month, according to The Deal.
MAR 06, 2009
By  Bloomberg
Ameriprise Financial Services Inc. is among the four suitors expected to put in a bid for American International Group Inc.’s broker-dealer businesses by the end of the month, according to The Deal. The Minneapolis-based firm is the only broker-dealer that is in the running to buy AIG’s three broker-dealers, Atlanta-based FSC Securities Corp., Royal Alliance Associates Inc. of New York and SagePoint Financial Inc. of Phoenix, sources told The Deal. The three other suitors are private equity firms: Clayton Dubilier & Rice Inc. and Warburg Pincus LLC, both of New York, and GTCR Golder Rauner LLC of Chicago, according to the publication. AIG is selling its broker-dealers — which comprise some 6,000 advisers and $92 billion in assets — as a package deal. In August, Ameriprise bought H&R Block Financial Advisors Inc. of Detroit for $315 million in cash. The purchase added more than 900 advisers to Ameriprise’s ranks. Ameriprise didn’t immediately return calls seeking comment. AIG spokesman Mark Herr declined to comment.

Latest News

Mercer Advisors lands third-biggest deal to date with Full Sail Capital
Mercer Advisors lands third-biggest deal to date with Full Sail Capital

With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.

Fintech bytes: FP Alpha rolls out estate insights feature
Fintech bytes: FP Alpha rolls out estate insights feature

Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.

Morgan Stanley, Atria job cut details emerge
Morgan Stanley, Atria job cut details emerge

Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.

Envestnet taps Atria alum Sean Meighan to sharpen RIA focus
Envestnet taps Atria alum Sean Meighan to sharpen RIA focus

The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.

LPL, Evercore welcome West Coast breakaways
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.