August 13, 2008

Ameriprise to Acquire H&R Block Advisor Unit

Deal will cost $315 mllion and will bring total Ameriprise rep count to 13,000

Ameriprise Financial, the advisor group spun off in 2005 from American Express, announced August 12 that it had signed an agreement to acquire H&R Block Financial Advisors (HRBFA) for $315 million in cash; the deal is expected to close in four to six months, said Ameriprise in making the announcement. There are about 900 advisors employed by HRBFA; according to a release from Ameriprise, they "will become Ameriprise Financial-branded employee advisors and will strengthen the company's presence in key markets, including Florida, Texas and California." With those added reps, the newly combined company will count 13,000 total reps; HRBFA will also bring in 376,000 client accounts and $30 billion in client assets, and Ameriprise said "HRBFA advisors will receive attractive retention packages as part of the transaction."
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