(Reuters) - U.S. financial adviser firm Ameriprise Financial (NYSE:AMP) reported a 11% rise in third-quarter profit on Wednesday, as a market rally boosted the value of its client's assets, helping the firm earn more in fee income.
The U.S. markets have been rallying in hopes that last month's Federal Reserve rate cut will ease the pressure on the economy and encourage more investors to move towards several market funds.
Ameriprise's assets under management and administration came in at $1.5 trillion in the quarter, a 22% jump from last year, driven by strong client net inflows and market appreciation.
The Minneapolis, Minnesota-based firm's management and financial advice fees jumped 12.5% to $2.57 billion, while net investment income surged 15.5% to $934 million.
Adjusted operating earnings rose to $828 million, or $8.10 per share, in the quarter ended Sept. 30, from $745 million, or $6.96 per share, a year earlier.