MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, January 29, 2009 RiverSource Maintains Positive Income Despite net outflows, RiverSource managed to maintain positive pretax income last quarter. On Wednesday Ameriprise revealed that its asset manager's quarterly income fell year-over-year from $108 million to $2 million due to "market depreciation on assets, negative foreign currency translation and net outflows." Ameriprise seems to remain optimistic about the unit in the wake of staff cuts (see MFWire, 1/21/2009). "Redemption rates continued to remain stable," the earnings report reads. "Segment expenses remain well-controlled." The firm also added $13 billion to its AUM by closing on its acquisition of J. & W. Seligman & Co (see The MFWire, 11/10/08). Printed from: MFWire.com/story.asp?s=20603 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |