J. & W. Seligman & Co.
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| Industry | Investment services |
|---|---|
| Founded | 1864 |
| Founder | Joseph Seligman |
| Headquarters | New York City, United States |
| Products |
Financial Services Investment Banking Investment Management |
| Parent | Ameriprise Financial |
J. & W. Seligman & Co., founded in 1864, was a prominent U.S. investment bank from the 1860s to the 1920s, until the divestiture of its investment banking arm in the aftermath of the Glass–Steagall Act. The firm was involved in the financing of several major U.S. railroads in the 1870s and the construction of the Panama Canal in the early 1900s. Seligman was also involved in the formation of Standard Oil and General Motors.
The firm was acquired by Ameriprise Financial in November 2008. Today, the firm operates an investment management business under the Seligman Investments brand. Seligman provides separately managed accounts and retirement services and also operates a series of mutual funds.
The firm was founded by Joseph Seligman and his brother James Seligman in New York in 1846 as an importing house, with their younger brothers, William, Jesse, Henry and Leopold, also participating in the venture. Later, two other brothers, Abraham and Isaac, would also join the firm. The brothers were all born in Baiersdorf, Bavaria, to David Seligman and Fannie Steinhart. In 1850, William, Jesse, Henry and Leopold moved to San Francisco, California, where they set up a store in 1851. After eight years, Jesse and William returned to New York and opened a dry goods store in the city. Through William's efforts, the store received government contracts to supply soldier's uniforms. These contracts amounted to several millions of dollars.
After the American Civil War ended, the eight Seligman brothers decided to go into the banking business and a year later, Jesse Seligman went to Frankfurt, Hesse-Nassau, to open a bank, where they were the first American banking firm to sell United States Government bonds in Europe. The firm became fiscal agent for the conversion of existing war bonds to new ones and acted for years as fiscal agents for the Department of State and Department of the Navy. Soon after, Abraham Seligman opened a bank in New York City, followed by the London branch, established by Isaac and Leopold Seligman, and the Paris branch, established by William Seligman.
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