(Reuters) – Financial adviser Ameriprise Financial on Wednesday reported a jump in third-quarter adjusted profit, helped by higher client assets and a boost in its assets under management.
Total client assets rose nearly 15% to $816 billion in the quarter from $711 billion a year earlier.
Assets under management and administration climbed 12% to reach $1.23 trillion in the third quarter, driven by strong client net inflows and market appreciation.
Ameriprise’s wealth management practice primarily targets households with $500,000 to $5 million in investable assets.
“Wealth Management remains our primary growth driver with good client flows and excellent client-advisor engagement,” CEO Jim Cracchiolo said in a statement.
Adjusted operating earnings excluding unlocking came in at $823 million, or $7.68 per share, for the three months ended Sept. 30, compared with $716 million, or $6.35 per share, a year earlier.
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(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Anil D’Silva)