RiverSource (RiverSource Life Insurance Company) is a US-based Investment management and life insurance firm which is a subsidiary of Ameriprise Financial, Inc. RiverSource is made up of RiverSource Investments, RiverSource Annuities, and RiverSource Insurance and is based in

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...

. RiverSource Funds include more than 60 retail mutual funds and more than 20 variable portfolio mutual funds sold in variable annuity and variable insurance products offered by RiverSource Annuities and RiverSource Insurance. RiverSource Funds are currently available to individual and institutional U.S. investors. The more than 60 retail mutual funds had approximately $60 billion in assets under management as of June 30, 2005.

History

The forerunner to RiverSource was established in 1894 as Investors Syndicate in Minneapolis, Minnesota. The syndicate changed its name to Investors Diversified Services, Inc. (IDS) in 1950. In 1984 American Express bought IDS and integrated it into its own financial services division. In 2005, American Express spun off ''American Express Financial Advisors'' and it became an independent company named

Ameriprise Financial Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth mana ...

. The new company created the RiverSource brand name for certain products and product lines.

Products

Investments

RiverSource Investments provides

mutual funds A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV ...

for individual

investor An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...

s and investment strategies for institutional investors. William (Ted) Truscott,

chief investment officer and a former executive with Zurich Scudder Investments in Boston, joined what was then American Express Financial Advisors in 2001. He changed the structure of the mutual fund business by opening "boutique" offices in places such as Boston, Cambridge, Minneapolis and London, where portfolio managers hand-pick staff and develop their own investment strategies appropriate to the funds. Data as of 9/30/2006 Morningstar Fund Family Snapsho

Insurance

RiverSource Insurance offers fixed and variable life insurance and disability insurance for individual investors.

Annuities

RiverSource Annuities offers variable and fixed Annuity (financial contracts), annuities for individual investors.

References

External links

* Financial services companies of the United States {{US-finance-company-stub