Ameriprise CEO: Looking At Asset Management M&A Opportunities
29 Mayo 2009 - 9:44AM
Noticias Dow Jones
Ameriprise Financial Inc. (AMP) is looking at
merger-and-acquisition opportunities, which are coming about more
and more in the market, said Chief Executive James Cracchiolo at
the Sanford C. Bernstein Strategic Decisions conference Friday.
Two areas the brokerage may look to augment are its
retail-distribution and asset-management capabilities.
Last November, Ameriprise acquired H&R Block Financial
Advisors, adding more than 950 advisers.
Cracchiolo said the brokerage isn't interested in M&A
opportunities to beef up its insurance sector.
In terms of divesting businesses, Cracchiolo said now isn't the
right time to divest Ameriprise's long-term-care insurance business
due to the difficult market environment.
He said the company has been making improvements to the business
and there will likely be an opportunity to "divest the business in
one fashion or another" in the future.
In recent trading, Ameriprise shares were down 69 cents, or
2.3%, at 28.79.
-By Jessica Papini, Dow Jones Newswires; 201-938-2437;
jessica.papini@dowjones.com