Ameriprise Financial (AMP) says it is buying independent broker-dealer Investment Professionals Inc., which focuses on investment and insurance programs for banks and credit unions. The San Antonio, Texas-based group has some $8 billion in assets and some 200 advisors, who are based in more than 140 financial institutions in nearly 30 states.
The company announced the deal ahead of its first-quarter earnings results, which beat analysts' estimates late Monday. It reported net income of $403 million, up 11% from last year, and revenues of $2.91 billion, which were up 3% from the year-ago period.
Ameriprise says the investment firm's "experience and expertise in serving the financial institutions market will complement Ameriprise's successful growth strategy in Advice and Wealth Management. The group will become part of a new institutions channel.
"We have a talented team and resources in place to make this a seamless transition, and we are confident our new colleagues will enjoy the many benefits of working with Ameriprise," said Pat O'Connell, head of the Ameriprise Advisor Group, in a statement.
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