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American Express to buy threadneedle
New York, June 16: American Express Co is expected to announce as early as Monday it is buying British-based Threadneedle Asset Management for 340 million pounds in cash, a source familiar with the deal said on Sunday in New York.
New York, June 16: American Express Co is expected to announce as early as Monday it is buying British-based Threadneedle Asset Management for 340 million pounds in cash, a source familiar with the deal said on Sunday in New York.
For American Express this is its first major entry into the asset management market outside the United States and will be "slightly accretive" to its earnings in 2004, the source said.
The deal is expected to be completed by the end of the year. American Express is expected to retain most of Threadneedle's staff and the UK firm's Chief Executive Simon Davies is expected to run the business out of London, the source added.
For American Express this is its first major entry into the asset management market outside the United States and will be "slightly accretive" to its earnings in 2004, the source said.
The deal is expected to be completed by the end of the year. American Express is expected to retain most of Threadneedle's staff and the UK firm's Chief Executive Simon Davies is expected to run the business out of London, the source added.
Threadneedle is owned by the Swiss group Zurich Financial Services .
American Express declined to comment on the deal while neither Zurich Financial nor Threadneedle could be reached.
Bureau Report