Ameriprise Financial will sell its Securities America broker-dealer unit, The Wall Street Journal reports. The broker had to pay $110 million in pretax charges in the first quarter of 2011, as part of a legal settlement tied to private-placement investments that Securities America had sold to customers. The retail investment company will instead focus on mostly doing business with financial advisers that carry the Ameriprise name. The Nebraska-based broker serves independent financial advisers across the U.S.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.