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Rating:RiverSource Maintains Positive Income Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, January 29, 2009

RiverSource Maintains Positive Income

by: Neil Anderson, Managing Editor

Despite net outflows, RiverSource managed to maintain positive pretax income last quarter. On Wednesday Ameriprise revealed that its asset manager's quarterly income fell year-over-year from $108 million to $2 million due to "market depreciation on assets, negative foreign currency translation and net outflows."

Ameriprise seems to remain optimistic about the unit in the wake of staff cuts (see MFWire, 1/21/2009).

"Redemption rates continued to remain stable," the earnings report reads. "Segment expenses remain well-controlled."

The firm also added $13 billion to its AUM by closing on its acquisition of J. & W. Seligman & Co (see The MFWire, 11/10/08).  

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