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
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