Bloomberg News

Ameriprise London Unit Stopped Suspicious Trade in August

February 21, 2012

(Updates with company’s statement in first, second paragraphs.)

Feb. 21 (Bloomberg) -- Ameriprise Financial Inc., the Minneapolis-based insurer and money manager, said it blocked a “suspicious attempted trade” at London investment unit Threadneedle in August.

“The matter was immediately reported to the authorities and the individual involved was subsequently dismissed,” Alison Jefferis, a Threadneedle spokeswoman, said today in an e-mailed statement.

Ameriprise, under Chief Executive Officer James Cracchiolo, has been working to increase the proportion of its profits generated by its investment management and advisory businesses. The company was spun off from American Express Co. in 2005.

“The main point is the attempt was stopped by our systems and there was no loss as a result to our clients,” Jefferis said in a telephone interview. Threadneedle has $114 billion in assets under management, she said.

Police are investigating a $150 million attempted fraudulent trade involving Argentine warrants by a former junior trader at the asset manager, the Financial Times reported earlier today.

--Editor: Josh Friedman

To contact the reporters on this story: Jim Silver in New York at jsilver@bloomberg.net; Christopher Condon in Boston at ccondon4@bloomberg.net

To contact the editor responsible for this story: Larry Edelman at ledelman3@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus