SWIP sale: Threadneedle parent rules out 'large acquisition'

Ameriprise Financial has appeared to rule out a potential acquisition of Scottish Widows Investment Partnership (SWIP), saying available M&A opportunities "do not meet our criteria".

Earlier this week reports suggested Threadneedle parent Ameriprise is readying an £800m bid for SWIP, the latter's parent Lloyds Banking Group having hired Deutsche Bank to lead a sale of the unit. But Ameriprise Financial CEO James Cracchiolo, discussing the group's Q1 2013 results today, suggested the company is not actively seeking to make a large purchase. "We often look at acquisition opportunities, and how they could complement our business, but at this point we do not see any large properties in the marketplace that meet our acquisition criteria," he said. The US financial s...