Ameriprise Financial Q4 net income decreases
Ameriprise Financial has reported a net income of $253m, or $1.08 diluted earnings per share, for the fourth quarter of 2011, compared to $280m, or $1.08 diluted earnings per share, for the same period in 2010.
Net income from continuing operations was $240m for the fourth quarter of 2011, or $1.02 per diluted share, compared to $306m, or $1.18 per diluted share, for the same period a year ago.
Total net revenues rose to $2.58bn, compared to $2.55bn for the same period in the prior year.
Assets under management and administration totaled $631bn as of 31 December 2011, down from $673bn a year earlier.
Advice & Wealth Management pretax operating earnings declined 14% from a year ago to $83m as retail client asset growth was offset by the negative impact of market volatility and increased investments to drive advisor business growth.
Ameriprise Financial chairman and CEO Jim Cracchiolo said that in the asset management business, equity flows remained negative for them and the industry.
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