Seligman and Company has been closely associated with Tri-Continental since its inception. During the thirties, it decided that investment company management was a promising field and that this would be its basic activity. Five of the firm's partners spend a large part of their time on the affairs of Tri-Continental and three associated mutual investment companies. For many years, Tri-Continental provided investment research and administration for its affiliated and associated companies for a fee. Finally, in 1938, Union Service was organized to handle the research and administrative work on a cooperative, non-profit basis.

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