Ameriprise Financial Inc , the acquisitive Minneapolis-based mutual fund and wealth-management company, has no plans to pursue big deals in the immediate future, the company said Tuesday. "At this point, we don't see any large properties in the marketplace that meet our acquisition criteria," Chief Executive James Cracchiolo said on a conference call with analysts to discuss the company's 11 percent gain in first-quarter operating earnings per share that it reported on Monday evening.Ameriprise, which bought Bank of America's Columbia Management mutual fund unit in early 2010 for about $1 billion, was poised to lead an 800 million pound ($1.22 billion) bid for Lloyds Banking Group's asset management unit, The Sunday Times reported on April 21."We continue to get smarter" about acquisitions, Cracchiolo said. "We're not naive anymore."Some analysts on the call expressed concern as to why investors continue to withdraw money from Columbia and Threadneedle funds long after Ameriprise's acquisitions.
Ameriprise Financial, Inc. (Ameriprise Financial) is a holding company primarily engaged in business through its subsidiaries. Shares of AMP traded higher by 2.29% or $1.66/share to $74.04. In the past year, the shares have traded as low as $45.17 and as high as $75.50. On average, 1474220 shares of AMP exchange hands on a given day and today's volume is recorded at 774892.
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