ameriprise financial inc (AMP) Key Developments
State Street Reportedly Walks Away From Sale Of Deutsche Asset & Wealth Management
Nov 25 13
State Street Corporation (NYSE:STT) has walked away from the sale of Deutsche Asset & Wealth Management which could be critical for Macquarie Group Limited (ASX:MQG), reported Australian Financial Review citing reports. The deadline for offers is thought to be this week, leaving little time and room for Deutsche Bank AG (DB:DBK) to strengthen its hand in the negotiations. According to The Financial Times, State Street is now out of the running for the assets, which include DB Advisors, LLC, RREEF America L.L.C. and Deutsche Insurance Asset Management. The newspaper is also reporting that Ameriprise Financial, Inc. (NYSE:AMP) is balking at the price tag and will be the next bidder to disappear. The Deutsche Bank is understood to be seeking offers of around $2 billion, but The Financial Times thinks bids in the realm of $1.2 billion are more realistic. Now that State Street and JPMorgan Chase & Co. (NYSE:JPM) have reportedly dropped out of the race, Macquarie Group and Guggenheim Partners, LLC are understood to be battling it out for the entirety of the Deutsche asset management assets on offer. However, Guggenheim, which manages more than $125 billion in assets, may not be capable of swallowing the acquisition on its own. Opinions differ on whether it will need to bring in a partner or can seal the deal alone. Other players thought to be bidding for the assets include Power Corporation of Canada (TSX:POW) and Apax Partners LLP. It is understood there are other parties interested in acquiring pieces of the Deutsche business rather than the whole operation. Macquarie Group was not available for comment.
Ameriprise Financial, Inc. Prices $150 Million of Senior Notes Due 2023
Nov 8 13
Ameriprise Financial Inc. announced that it priced $150 million of 4.00% senior notes due October 15, 2023. Interest on the notes will be payable semiannually in arrears on April 15 and October 15 of each year, starting April 15, 2014. Ameriprise anticipates proceeds, after underwriting discount and before expenses, from the sale of about $152.0 million.
Ameriprise Financial, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2013; Provides Effective Tax Rate Guidance for the Full Year 2013
Oct 29 13
Ameriprise Financial, Inc. announced unaudited consolidated earnings results for the third quarter ended September 30, 2013. For the quarter, the company announced net income attributable to the company was $382 million or $1.54 per diluted share compared to $173 million or $0.99 per diluted share for the same period a year ago. Net income from continuing operations was $448 million or $1.54 per diluted share compared to $152 million or $0.99 per diluted share for the same period a year ago. Income from continuing operations before income tax provision was $602 million compared to $199 million for the same period a year ago. Total net revenues were $2,813 million compared to $2,468 million for the same period a year ago. Revenue growth was driven by robust client net inflows, increased client activity and market appreciation. Pretax operating earnings were $552 million against $397 million a year ago. Earnings growth was particularly strong given $16 million of lower earnings from former banking operations and $18 million of lower earnings from spread narrowing. Operating earnings growth was strong and reflected fee-based business growth and ongoing expense discipline. Return on shareholders' equity excluding accumulated other comprehensive income (AOCI) was 18.2% for the 12 months ended September 30, 2013. Operating return on equity excluding AOCI reached a record 19.4% at quarter end, a 400 basis point increase from a year ago.
The company estimates that its full-year 2013 operating effective tax rate will be approximately 28%.
Ameriprise Financial, Inc. Declares Regular Quarterly Dividend Payable on November 22, 2013
Oct 29 13
The Board of Directors of Ameriprise Financial, Inc. has declared a quarterly cash dividend of $0.52 per common share payable on November 22, 2013 to shareholders of record at the close of business on November 12, 2013.
Ameriprise Financial, Inc. Announces Amendments to By-Laws
Oct 7 13
On October 3, 2013, the Board of Directors of Ameriprise Financial, Inc. approved a series of amendments to the company's by-laws. Amendments to Article I of the By-Laws, entitled Stockholders, include: the additional restriction that no more than three persons authorized to act as a proxy or other agent for a stockholder shall be entitled to admittance, for and on behalf of such stockholder, to any meeting of stockholders; the additional requirements for being considered a qualified representatives of a stockholder at a meeting, except where a person is a duly authorized officer, manager or partner of a stockholder, that the stockholder must deliver to the secretary of the company no later than five business days prior to an annual or special meeting of stockholders either a writing executed by such stockholder or an electronic transmission providing the person's full name and current residential address and expressly authorizing such person to act for such stockholder as a proxy, and such person must produce such writing or electronic transmission, or a reliable reproduction thereof, in order to gain admittance to the meeting; and the clarification that any stockholder proposal submitted to the company for inclusion in the company's proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be submitted to the company directly by the stockholder proponent thereof, and such stockholder may not authorize another person to act as such stockholder's proxy for the purpose of submitting such proposal to the company. Amendments to Article II of the By-Laws, entitled Board of Directors, include: the elimination of references to the company's classified board structure, as previously approved by the company's shareholders at the 2010 annual meeting of shareholders, which became effective as of the 2013 annual meeting of shareholders; and conforming changes related to Article VIII modifications regarding waivers of notice for Board and committee meetings. Amendments to Article VIII of the By-Laws, entitled General Provisions, relating to waivers of notice for Board and committee meetings include: the clarification that any waiver of notice given by a person entitled to notice shall be deemed equivalent to notice; the clarification that the attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when such person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and the clarification that neither the business to be transacted at nor the purpose of any regular or special meeting need be specified in a waiver of notice.