Ameriprise Financial Inc (AMP.N) is close to acquiring Grail Advisors LLC, a tiny firm whose actively managed exchange-traded funds would give the giant money manager giant a toehold in the fast-growing world of ETFs, a person familiar with the situation said. Grail Partners founder Donald Putnam on Thursday told Reuters his advisory boutique is in the final stages of talks to sell Grail Advisors. He declined to name the buyer or disclose the financial terms. Ameriprise declined to comment. "We're in the final stages of reaching a sale agreement," Putnam said. "The ETF space is moving rapidly to a new phase of growth where innovation has to be combined with broad market distribution."
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