Pre-tax operating earnings at Ameriprise Financial’s advice & wealth management unit were US$153 million in the third quarter of 2013, an increase of 29% compared with US$119 million in the corresponding period of last year.
The division’s operating net revenues grew 12% to US$1.1 billion driven by asset growth in fee-based accounts from client inflows and market appreciation, as well as improved client activity.
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Pre-tax operating margin for third quarter 2013 was 14.2% compared to 12.4% a year ago.
Advice & wealth management unit’s operating expenses rose 9% to US$921 million as business growth resulted in higher distribution expenses. General and administrative expenses declined 3%, demonstrating ongoing expense discipline and the impact of ceasing former banking operations.
Total retail client assets grew 13% to US$389 billion driven by client net inflows, client acquisition and market appreciation.
Wrap net inflows increased 47% to US$3, and brokerage cash balances increased to US$18.9 billion.
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