DOW JONES NEWSWIRES
Ameriprise Financial Inc.'s (AMP) fourth-quarter earnings
climbed 29% as the company benefited from a recent acquisition,
market appreciation and retail client net inflows, although the
adjusted bottom line fell short of analysts' expectations.
The financial-services planning provider's results have been
boosted recently by its $1 billion acquisition of the Columbia
Management business from Bank of America Corp. (BAC) in April.
The company's advice and wealth-management revenue jumped 16%,
while profit surged to $91 million from $18 million.
Asset-management revenue soared 66% as profit doubled.
Ameriprise posted a profit of $305 million, or $1.18 a share, up
from $237 million, or 90 cents a share, a year earlier. Operating
earnings, which exclude integration expenses and other items, rose
to $1.21 from 91 cents. Net revenue on the same basis grew 19% to
$2.63 billion, and climbed 18% to $2.68 billion on a fully reported
basis.
Analysts surveyed by Thomson Reuters expected a profit of $1.31
on revenue of $2.67 billion.
Owned, managed and administered assets totaled $673 billion as
of Dec. 31, up 47% on the year, following the Columbia deal.
Shares closed down 0.7% at $62.47 and were inactive in
after-hours trading. The stock is up 58% the past year.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com