The advice & wealth management division of Ameriprise Financial has reported pretax operating earnings of US$162 million for the fourth quarter of 2013, an increase of 36% compared with US$119 million in the year ago period.
For the quarter ended 31 December 2013, net revenues increased 12% to US$1.23 billion from US$1 billion in the corresponding period of 2012.
Pretax operating margin was 14.4% compared with 11.8% in the fourth quarter of 2012.
Total retail client assets grew 16% to US$409 billion driven by client net inflows, client acquisition and market appreciation.
Wrap net inflows increased 38% to US$2.8 billion, and brokerage cash balances increased to US$19.6 billion, the company said in a statement.
The division’s full year operating earnings increased 35% to US$598 million. Excluding results from former banking operations, full year operating earnings increased 52%.
Overall, Ameriprise Financial reported fourth quarter 2013 net income of US$298 million. Operating earnings were US$378 million, up 3% from a year ago, with operating earnings per diluted share up 9% to US$1.87.