(Corrects 4th bullet point to insert words "and
administration"; Corrects second paragraph to read "total client
assets" from "assets under management")
* 2nd-qtr net profit $322 mln vs $224 mln year earlier
* 2nd-qtr adj earnings $1.69/shr vs est $1.62/shr
* Wealth management business revenue rises 13 pct
* Total assets under management and adminstration rise to
July 24 Financial services company Ameriprise
Financial Inc reported a stronger-than-expected 44
percent rise in second-quarter profit, driven by its wealth
Total client assets rose 13 percent to $373 billion in the
quarter, the company said on Wednesday.
Revenue in the wealth management business rose 13 percent to
$1.08 billion, making up about 40 percent of total revenue.
Minneapolis-based Ameriprise has been successful in
recruiting veteran advisers from larger bank-owned brokerages
over the past year.
Many of Ameriprise's big-broker recruits in 2012 came from
Bank of America Merrill Lynch, Morgan Stanley Wealth Management,
and Wells Fargo Advisors, based on moves tracked by Reuters.
The addition of veteran advisers helps to drive revenue as
they tend to bring significant client assets with them.
Total assets under management and administration, which
includes both the wealth and asset management businesses, rose 7
percent to $703 billion in the quarter.
Net profit rose to $322 million, or $1.54 per share, from
$224 million, or 99 cents per share, a year earlier.
On an operating basis, the company earned $1.69 per share
while total revenue rose about 9 pct to $2.75 billion.
Analysts on average had expected earnings of $1.62 per share
on revenue of $2.77 billion.
Shares of Ameriprise, which have risen about 80 percent in
the past year, closed at $86.24 on the New York Stock Exchange.
The stock was unchanged in trading after the bell.
(Reporting by Avik Das in Bangalore; Editing by Ted Kerr)