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Ameriprise Financial has reached a definitive agreement to acquire J. & W. Seligman & Co. for $440 million. The transaction is expected to be completed in the fourth quarter of this year. According to an announcement from Ameriprise, Seligman will retain its management teams and brand names, but will now operate under the umbrella of RiverSource, Amerprise’s U.S. investment management division…

Baron Funds introduced Baron Retirement Income Fund. Ron Baron, who manages Baron Retirement Income Fund, says it will operate much like a college endowment, paying investors a minimum distribution of 4% of net assets per share each year, which they may choose to receive or reinvest…

Schroders has launched the Schroder Alternative Solutions Gold and Metals Fund, co-managed by Robert Howell and Paula Bujia, meant to offer investors a pure exposure to gold and other metals in a “long-only, unleveraged, actively managed, index-unconstrained fashion.” The Fund has a return objective of outperforming a benchmark comprising of 75% of the Rogers metals Total Return Index and 25% Rogers Gold Total Return Index, with lower volatility…

Phoenix Investment Partners announced that it will be renamed Virtus Investment Partners, Inc. when it completes its previously announced spin-off from The Phoenix Companies, Inc. The company will rebrand its PhoenixFunds family of mutual funds as Virtus Mutual Funds, subject to the approval of the trustees and directors of the mutual fund board. Each of the company’s affiliated managers and unaffiliated subadvisers will retain its individual brand…

State Street Global Advisors launched 10 new SPDR exchange-traded funds (ETFs) that began trading on the American Stock Exchange. With the launch of these new international sector ETFs, State Street’s family of SPDR ETFs will number 80, including 31 that provide access to global and international markets. The new funds are the SPDR S&P International Consumer Discretionary Sector; the SPDR S&P International Consumer Staples Sector ETF; the SPDR S&P International Financial Sector ETF; the SPDR S&P International Health Care Sector ETF; the SPDR S&P International Industrial Sector; the SPDR S&P International Materials Sector ETF; the SPDR S&P International Technology Sector; the SPDR S&P International Telecommunications Sector; the SPDR S&P International Utilities Sector; and the SPDR S&P International Energy Sector ETF.


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