RiverSource Investments, LLC Completes its Acquisition of J. & W. Seligman & Co. Incorporated & Becomes Interim Investment Ma...
07 Novembro 2008 - 12:56PM
Business Wire
Today, Seligman Select Municipal Fund, Inc. (the �Corporation�)
(NYSE: SEL) announced that RiverSource Investments, LLC
(�RiverSource Investments�), a wholly-owned subsidiary of
Ameriprise Financial, Inc. (�Ameriprise Financial�), has completed
its acquisition (the �RiverSource Transaction�) of J. & W.
Seligman & Co. Incorporated (�Seligman�). As a result of the
RiverSource Transaction, the Corporation�s management agreement
with Seligman has terminated, and RiverSource is the new investment
manager of the Corporation under an interim investment management
services agreement effective November 7, 2008 for a period of up to
150 days (through April 5, 2009) (the �Interim Agreement�). The
Corporation�s portfolio managers have not changed as a result of
the RiverSource Transaction. As described in the Proxy
Statement/Prospectus (as defined below), the Interim Agreement,
which was approved by the Corporation�s Board of Directors, will
provide the Corporation with continuity of portfolio management and
other services through April 5, 2009, during which time the
Corporation will solicit stockholder vote on the Plan and Proposed
Agreement (each as defined below). As announced by the Corporation
on September 4, 2008, the Corporation�s Board of Directors approved
and recommended to the Corporation�s stockholders the acquisition
(the �Acquisition�) of the Corporation by National Municipal Class
(�National Fund�), a series of Seligman Municipal Fund Series, Inc.
(�SMF�), which, effective November 7, 2008, is also managed by
RiverSource Investments. On December 18, 2008, the Corporation will
hold a Special Meeting of Stockholders (the �Meeting�) for the
following purposes: � 1. � To consider and vote on a proposal to
approve the Agreement and Plan of Merger and Liquidation (the
�Plan�) as described in the proxy statement/prospectus, dated
October 28, 2008 (the �Proxy Statement/Prospectus�), the merger and
the other transactions contemplated by the Plan; � 2. � To consider
and vote upon the proposed Investment Management Services Agreement
between the Corporation and RiverSource Investments; and � 3. � To
elect directors to the Board of Directors of the Corporation, (i)
four of which to hold office until the 2009 annual meeting of
stockholders, (ii) two of which to hold office until the 2010
annual meeting of stockholders and (iii) four of which to hold
office until the 2011 annual meeting of stockholders, and until
their successors are elected and qualify. The close of business on
October�24, 2008 is the record date for the determination of
stockholders entitled to notice of, and to vote at, the Meeting or
any adjournment or postponement thereof. On November 3, 2008,
shareholders of National Fund approved a new investment management
services agreement between SMF (on behalf of National Fund) and
RiverSource Investments at a special meeting of shareholders. This
approval was a condition (now satisfied) to the consummation of the
Acquisition. RiverSource Investments, 200 Ameriprise Financial
Center, Minneapolis, Minnesota 55474, is also the investment
manager of the other funds in the Seligman Group of Funds, and is a
wholly-owned subsidiary of Ameriprise Financial. Ameriprise
Financial is a financial planning and financial services company
that has been offering solutions for clients� asset accumulation,
income management and protection needs for more than 110 years. In
addition to managing investments for the Seligman Group of Funds,
RiverSource Investments manages investments for the RiverSource
funds, itself and its affiliates. For institutional clients,
RiverSource Investments and its affiliates provide investment
management and related services, such as separate account asset
management, and institutional trust and custody, as well as other
investment products. This press release does not constitute an
offering of securities. You should consider the investment
objectives, risks, charges, and expenses of the Funds carefully
before investing. Investors can obtain the Funds' most recent
annual and mid-year reports and other regulatory filings by
contacting Seligman Services, Inc. at 800-597-6068. These reports
and other filings are also available on the Securities and Exchange
Commission's EDGAR Database. You should read these reports and
other filings carefully before investing or sending money. There is
no guarantee that the Corporation�s investment goals/objectives
will be met, and you could lose money.
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