Net revenues at Ameriprise Financial’s advice & wealth management unit were US$1.1 billion for the second quarter of 2013, a 13% increase compared to US$953 million for the previous year period.
Ameriprise stated that the unit’s second quarter revenues were driven by asset growth in fee-based accounts from client inflows and market appreciation, and improved client activity across annuity, insurance and financial products.
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The firm’s advice & wealth management pre-tax operating earnings were US$152 million for the second quarter, a 37% increase compared to US$111 million for the previous year quarter.
Assets under management and administration were US $703 billion for the second quarter of 2013, a 7% increase from a year ago driven by Ameriprise advisor client net inflows and market appreciation.
Total retail client assets rose 13% to US$373 billion from US$331 billion in the corresponding period a year ago. The increase was driven by client net inflows, client acquisition and market appreciation.
The asset management segment AUM of US$459 billion increased 3% from a year ago, driven by market appreciation, partially offset by an unfavourable impact from foreign exchange and net outflows.
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By GlobalDataOverall, the company’s net profit rose to US$322 million, or US$1.54 per diluted share, from US$224 million, or US$0.99 per diluted share, a year earlier. Total net revenues were US$2.7 billion for the second quarter of 2013, a 9% increase compared to US$2.5 billion for the corresponding period.
