AMERIPRISE FINANCIAL INC (AMP)

Ameriprise Financial, Inc. is a Delaware-incorporated diversified financial services holding company with nearly 130 years of history, tracing its roots to Investors Syndicate (founded 1894) and later operating as American Express Financial Corporation before spinning off from American Express in 2005 to become Ameriprise Financial. The company operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other, serving individual and institutional clients through two primary go-to-market approaches—Wealth Management and Asset Management. Its Advice & Wealth Management segment is the primary growth driver, delivering financial planning, brokerage, banking, and cash management services through a network of more than 10,000 affiliated financial advisors under the Ameriprise Financial brand, primarily targeting retail households with $500,000 to $5,000,000 in investable assets while also serving higher-net-worth clients.

The Asset Management segment, operating globally under the Columbia Threadneedle Investments brand (encompassing Columbia Management in the U.S. and Threadneedle internationally, including the 2021 acquisition of BMO Global Asset Management's EMEA business), provides investment management services to retail, institutional, and high-net-worth clients across 17 key global markets, managing $637 billion in worldwide assets as of December 31, 2023. The Retirement & Protection Solutions segment, marketed under the RiverSource brand, offers annuities, life insurance, and disability income insurance products exclusively through the company's advisor network, including variable annuities, structured variable annuities, variable universal life, universal life, term life insurance, and disability income insurance, with certain insurance risks ceded through reinsurance agreements with unaffiliated reinsurers. The company has grown both organically and through strategic acquisitions, including Threadneedle Asset Management, Columbia Management, J. & W. Seligman, H&R Block Financial Advisors, and BMO's European asset management business, while also pursuing advisor recruiting and bank/credit union partnerships such as its role as Comerica Bank's investment program provider.

Ameriprise operates Ameriprise Bank, FSB (converted from Ameriprise National Trust Bank in 2019) under OCC supervision, and the company withdrew charter conversion applications in July 2023, continuing to operate the bank under its existing structure. As of December 31, 2023, the company reported total assets under management and administration of $1.4 trillion, up from $1.2 trillion in the prior year, reflecting its position as a leading integrated wealth and asset management firm with a nationally recognized brand and strong advisor retention.