Ameriprise profit soars as rising stock market attracted investors – Minneapolis Star Tribune

Ameriprise Financial Inc.’s second-quarter profit jumped 17 percent, pushed upward by investor clients eager to ride the rising stock market and the company’s efforts to control expenses.

The Minneapolis-based financial advisory firm said Tuesday it earned $393 million, or $2.50 a share, in the April-to-June period. The pretax operating profit of its advice and wealth management unit, its biggest business, grew 32 percent to $291 million.

Revenue was up 4 percent to $3 billion. Excluding the effect of an accounting change, revenue was up 6 percent, chiefly because of an inflow of investment capital from clients of its wealth advisers.

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