] outflows are on the rise. Yesterday the mutual fund firm's parent, insurance brokerage Ameriprise
, revealed in its fourth quarter earnings report
that net outflows at Columbia rose 62 percent year-over-year to $8.4 billion in Q4 2011.
Banking Business Review, Dow Jones
, Localized USA
, the Minneapolis Star Tribune
, the Wall St. Cheat Sheet
all reported on Minneapolis-based Ameriprise's Q4 earnings.
Ameriprise blamed $6.7 billion of the $8.4 billion in net Columbia outflows on "previously announced outflows of low basis point, former parent company assets."
Columbia's AUM fell eight percent year-over-year to $326 billion on December 31, 2011. And adjusted operating earnings for the overall asset management unit, which includes Columbia and Threadneedle, fell to $126 million for Q4 2011, down from $167 million in Q4 2010.
Ameriprise's operating earnings climbed two cents year-over-year to $1.33 per share, yet still fell short of analysts' expectations by six cents.
Neil Anderson, Managing Editor
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