RJ and Makay

A deal involving the purchase of Grail Advisors LLC by Ameriprise Financial is imminent, say sources close to the matter. The acquisition will enable Ameriprise to plant its flag in the actively managed exchange-traded fund (ETF) space, which is fast-gaining in popularity.

Grail has established itself as a capable player in that space over the past couple years. It launched its first actively managed ETF in May 2009 and currently has five such ETFs with a combined total of more than $20 million in assets.