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).
 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE