Deals & People

Ameriprise Names Froude President of U.S. Advisor Group

Ameriprise Financial, Inc. today announced the acquisition of H&R Block Financial Advisers and named Donald Froude the president of the U.S. Advisor Group.
Reported by Ellie Behling

As a member of the company’s Executive Leadership Team, Froude will report to Chairman and CEO Jim Cracchiolo.

Froude will be responsible for leading the company’s approximately 12,000-strong employee and franchisee advisers, as well as their leaders in the field. In addition, Securities America, Inc., the company’s wholly owned independent broker/dealer subsidiary, will report to Froude.

Froude joins the company from Legg Mason, Inc., where he was managing director and head of U.S. distribution. In this role, he was responsible for the management of sales, client service, product development, and business development for the entire U.S.

Prior to joining Legg Mason, he was president of Intermediary Distribution for Columbia Management, a division of Bank of America. He has also held positions as president and CEO of Quick & Reilly, where he rebuilt the traditionally discount brokerage into a full-service investment business; in senior roles at Alex Brown/Bankers Trust/Deutsche Bank; and as a broker and office manager at Bache Halsey Stuart/Prudential.

Froude will join the company September 2, working at the New York offices and Minneapolis headquarters.

Ameriprise also announced the acquisition of H&R Block Financial Advisors (HRBFA) for $315 million in cash from H&R Block. The transaction is expected to be accretive to earnings per share and return on equity in early 2010, the company said.