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.
Source: Economy - investing.com
