Jan 30 Ameriprise Financial Inc said on
Wednesday its fourth-quarter operating earnings rose 31 percent,
driven by strong results from the company's advice and wealth
The Minneapolis, Minnesota-based company reported operating
earnings of $367 million, or $1.71 a share, for the three months
ended Dec 31. Analysts on average expected the company to earn
$1.47 a share, excluding items, according to Thomson Reuters
Operating net revenues rose 6 percent to $2.6 billion,
boosted by increased activity and net inflows from Ameriprise
advisers' clients. Client assets managed by the company's
advisers rose 14 percent from the year prior to $352.8 billion.
The company's total assets under management and
administration, which includes both the wealth and asset
management businesses, rose 8 percent from a year ago to $681
While the ranks of Ameriprise advisers shrank by 48 during
the fourth quarter to 9,767 at the end of December, net revenue
per adviser rose 11 percent to $103,000.
Ameriprise, along with other smaller regional brokerages,
has had success in recruiting veteran advisers from larger
Many of Ameriprise's big-broker recruits in 2012 came from
Morgan Stanley Wealth Management, Bank of America Corp's
Merrill Lynch and Wells Fargo Advisors, based on
moves tracked by Reuters.
The addition of veteran advisers helps drive revenue for the
company as the advisers bring with them significant client asset
"We're executing our strategy well and maintaining tight
expenses to offset headwinds from low interest rates," Chief
Executive Officer Jim Cracchiolo said in a statement.
Cracchiolo said the company returned more than 130 percent
of its full-year operating earnings to shareholders through
ongoing share repurchases and dividends.
The company on Wednesday declared a regular quarterly cash
dividend of 45 cents a share.