Ameriprise Financial's quarterly profit rises on higher fees, AUM

Ameriprise Financial

22/04/2024 21:41

April 22 (Reuters) - Ameriprise Financial  AMP.N 
reported a rise in its first-quarter adjusted profit on Monday,
helped by higher fees and assets under management (AUM).
    Growing expectations of a soft landing for the economy — a
scenario where inflation eases without causing unemployment to
go up — have buoyed markets in recent months, aiding the
fee-based income for financial advisers such as Ameriprise.
    The company's management and financial advice fees rose 12%
to $2.4 billion in the quarter ended March 31, while its total
client assets rose 19% to $954 billion.
    Ameriprise's assets under management and administration also
climbed 15% to $1.4 trillion, driven by strong client net
inflows and market appreciation.
    Its wealth management practice primarily targets households
with $500,000 to $5 million in investable assets.
    The company's adjusted operating earnings rose to $878
million, or $8.39 per share, in the three-month period, from
$798 million, or $7.25 per share, a year earlier.

 (Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi
Majumdar)
 ((Pritam.Biswas@thomsonreuters.com))