Reports
Wealth, Advisory Services Drive Up Ameriprise Q3 Earnings
The firm trumpeted its strong capital position in its Q3 statement.
Amerprise, the
US-listed financial services group that provides wealth
management in its offerings, reported third-quarter 2019 adjusted
net income of $543 million, a rise of 18 per cent on the same
period last year. Adjusted operating earnings rose by 14 per cent
to $554 million, it said yesterday.
The firm’s assets under management and administration stood at
$921 billion at the end of September. Advice and wealth
management total client assets were $612 billion – both
represented record highs. Wrap account net inflows were $4.1
billion. Wrap assets grew by 9 per cent to $298 billion and
represented 49 per cent of total client assets.
Wealth management advice drove almost 80 per cent of Ameriprise
adjusted operating net revenues, it said.
During the quarter, the firm returned $676 million to
shareholders, leaving $1.8 billion for excess capital.
“Our capital strength is a clear differentiator. We remain
focused on generating significant free cash flow that we invest
for growth and return to shareholders at attractive levels. In
the quarter, we returned nearly 120 per cent of our adjusted
operating earnings to shareholders,” Jim Cracchiolo, chairman and
chief executive, said.