Ameriprise’s Advice and Wealth Management Business saw its pretax operating earnings fall 14% to $83 million in the fourth quarter compared to the same period one year ago as a result of volatility that gripped the markets and increased investment in the unit, the firm said in its earnings release Wednesday.
That unit’s performance came amid an overall decline for Ameriprise Financial in net income from continuing operations in the fourth quarter to $240 million versus $306 million for the fourth quarter of 2010.
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