Ameriprise Financial will introduce seven mutual funds next year, the first batch to be marketed using the RiverSource brand name, the Minnesota Star Tribune reported.

Of the seven, three are "funds of funds," the report said, citing regulatory filings.

The funds of funds will be labelled as "Income Builder funds" and pursue "basic", "moderate" and "enhanced" allocations. Income Builder will debut late in the first quarter of 2006.

Demand for such funds has been on an upswing, according to Strategic Insight, a mutual fund management and consulting firm, despite the fact that they often carry higher than average expenses. As of September, some $43 billion in new money have flowed into funds of funds, up 65 percent over last year. 

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