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Ameriprise Unit J&W Seligman Received Probe Subpoena

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Dec. 8 (Bloomberg) -- Ameriprise Financial Inc., the Minneapolis-based money manager and insurer, said its J&W Seligman & Co. unit received a subpoena seeking information related to a federal probe of alleged insider trading.

“Like many other firms, a couple weeks ago, Seligman received a general information request that is not specific to individuals or securities,” Ben Pratt, a spokesman for Ameriprise, said in an e-mailed statement. Authorities told the company it isn’t a target of the investigation, he said.

Hedge funds SAC Capital Advisors LP, Diamondback Capital Management LLC and Level Global Investors LP and mutual fund company Janus Capital Group Inc. said last month they had received subpoenas, and mutual fund manager Wellington Management LP said it had also been asked for information. The firms have said they’ve been informed they aren’t targets of the investigation. No firm has been accused of wrongdoing.

Ameriprise bought Seligman for $440 million in 2008, adding $18 billion in assets, including $3.2 billion in hedge funds. Ameriprise managed about $444 billion in assets as of Sept. 30.

Pratt wasn’t able to immediately identity which regulatory or law enforcement agency issued the information request.

Ameriprise rose 67 cents, or 1.2 percent, to $55.35 at 4:01 p.m. in New York Stock Exchange composite trading. It has gained 43 percent this year, compared with the 9.8 percent increase for the Standard & Poor’s index of asset managers and custody banks.

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net.