New York-listed fund management firm Ameriprise Financial, which manages money for the “mass affluent” segment of the investment marketplace, has reported net income of $191 million for the quarter ended 31 March 2008, a 16 per cent increase from net income of $165 million a year before. Reuters said the profit figure came beneath market expectations. Net income per diluted share for the quarter was $0.82, a 21 per cent rise. Excluding $0.22 of non-recurring separation costs in the first quarter of 2007, earnings per share declined 9 per cent. Net revenues increased by 3 per cent to $2.1 billion in the first quarter of 2008, primarily reflecting 10 per cent growth in management and financial advice fees, partially offset by lower net revenues from certificates and fixed annuities. "We were impacted by the difficult market environment in the first quarter, which is clearly reflected in our financial results," said Jim Cracchiolo, chairman and chief executive officer. "However, we are comfortable with our underlying operating results. Our balance sheet, risk management and liquidity position remain strong, and we continue to invest for growth while managing expenses to maintain margins," Mr Cracchiolo said. Ameriprise operates ones of the world's largest networks of financial planners, with more than 10,000 advisors as at the end of June last year.