Ameriprise Acquires $8B Indie Brokerage
April 25, 2017 By Danielle Verbringe, FundFire Ameriprise Financial has announced plans to acquire Investment Professionals Inc. (IPI), in a deal poised to add 200 advisors and $8 billion in client assets. IPI, a San Antonio, Texas-based independent broker-dealer which specializes in providing investment programs to banks and credit unions, will operate as a new Ameriprise advisor channel focused on serving financial institutions, according to a press release from Ameriprise. “We see this as a new growth opportunity and another avenue for providing an outstanding client experience,” said Pat O’Connell, executive v.p. of Ameriprise Advisor Group, in an email response to questions. Scott Barnes, chairman and founder of IPI, will serve in an advisory role with Ameriprise. Jay McAnelly, president and CEO of IPI, will also join, reporting to O’Connell. “We’re confident IPI advisors will see...