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    RiverSource announces new infrastructure fund

    By Dan Haugen | Published Thu, Feb 19 2009 1:38 pm

    Talk-show host Rachel Maddow likes to point out that not everyone agrees with her that infrastructure is "sexy."

    That could be changing, though, with the influx of spending from the government's $787 billion stimulus package.

    Evidence: Ameriprise Financial's RiverSource Investments today announced a new RiverSource Recovery and Infrastructure Fund.

    “Given the influx of government spending and demand in the U.S. and internationally, the infrastructure theme remains one of the most compelling opportunities in recent history,” fund manager Warren Spitz said in the company's statement.

    The mutual fund "seeks long-term opportunities in publicly traded companies that could benefit from renewed investment in infrastructure projects in the U.S. and around the globe."

    It will also seek to capitalize on the stimulus package. An American Society of Civil Engineers report card estimates $2.2 trillion in public and private funding is need in the next five years for repairing and upgrading the nation's infrastructure.

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