Minneapolis-based Ameriprise Financial announced on Monday that it will acquire Investment Professionals, Inc., an $8 billion AUM San Antonio-based broker-dealer, in a deal expected to close in the third quarter of 2017.
Investment Professionals specializes in serving financial institutions, including banks and credit unions, with investment programs. The company currently works with around 200 advisors operating out of 140 financial institutions in 29 states.
Scott Barnes, Investment Professionals chairman, founded the firm in 1992.
“We are thrilled to celebrate our 25th anniversary next month as a new member of the Ameriprise family,” said Barnes in a released statement.