Ameriprise Financial (AMP) reported a 2% drop in first-quarter earnings despite growth in its advice and wealth management operations. The company also increased its quarterly dividend to $0.67 a share from $0.58.
Net income fell to $393 million from $401 million in the first quarter of 2014, to $2.08 a share. Operating earnings per share rose 7% to $2.18. Analysts were expecting $2.33 a share.
Operating net revenues, however, rose 3% to $2.9 billion, but growth was partially offset by the negative impact of foreign exchange effects, a drop in net investment income and lower activity due to market volatility.
Total assets under management jumped 4% from a year ago to $815 billion, driven by net inflows from advisor clients, which grew 8% to $453 billion. Wrap account assets increased 13% to $180 billion.
