Ameriprise Financial's Q4 profit rises as fees, AUM climb
Reuters
Published Jan 24, 2024 07:01PM ET
(Reuters) - Ameriprise Financial (NYSE:AMP) reported a rise in fourth-quarter adjusted profit on Wednesday, as the financial adviser benefited from higher fees and assets under management.
Increasing expectations about a soft landing for the U.S. economy - a scenario where inflation decreases without causing unemployment to go up - has buoyed markets in recent months, boosting Ameriprise's fee-based income.
The company's management and financial advice fees rose 7% to $2.28 billion in the quarter, while net investment income surged 54% to $888 million.
Total client assets at its advice and wealth management segment rose 19% to $900.5 billion.
Ameriprise's total assets under management and administration rose 15% to $1.36 trillion in the quarter compared with a year earlier, on the back of strong client net inflows and market appreciation.
Adjusted operating earnings rose to $761 million, or $7.20 per diluted share, in the three months ended Dec. 31, from $732 million, or $6.57 per diluted share, a year earlier.
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Written By: Reuters
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