Ameriprise Financial Inc. said it plans to sell independent broker-dealer subsidiary Securities America Inc., as its net income rose to $241 million for the first quarter over $214 million in the previous year.
Ameriprise’s positive first quarter results were tempered by a $77 million after-tax charge from legal expenses at Securities America. Ameriprise plans to find a buyer for that business, it said in the earnings report on Monday, as Ameriprise plans to focus more on its own advisor business.
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