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Ameriprise Financial, Inc. provides financial advice, wealth management, global asset management and insurance solutions through a large U.S. advisor network and the Columbia Threadneedle Investments franchise. Company news commonly covers quarterly results, dividend actions, advisor practice affiliations, succession and practice-acquisition support, and updates tied to its advice and wealth management platform.
Recurring Ameriprise developments also include financial-planning research, investor satisfaction studies, industry rankings for advisors and fund families, and commentary on client engagement, asset growth and capital returns.
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Columbia Threadneedle Investments announces Gene Tannuzzo will succeed Colin Lundgren as Global Head of Fixed Income, effective March 1, 2021, due to Lundgren's planned retirement. Lundgren will assist in the transition throughout 2021 after a notable 34-year career with the company. Tannuzzo, who has been with the organization since 2003, has served as Deputy Global Head of Fixed Income since 2018. The firm, managing over $186 billion in fixed income assets, continues to uphold its investment processes amid this leadership change.
Ameriprise Financial has announced a $2.5 billion share repurchase program authorized by its Board of Directors, intended to enhance shareholder value and confidence in the company’s future. The buyback will be funded through existing working capital and future earnings, with flexibility regarding the timing and methods of purchases. As of June 30, 2020, about $500 million remains from a previous authorization, valid until March 31, 2021. The program will continue until September 30, 2022, but carries risks regarding execution and market conditions.
Columbia Threadneedle Investments has announced a lease for a new headquarters office at Atlantic Wharf, Boston, moving to 290 Congress Street in summer 2021. The new location, certified LEED Platinum, will occupy two floors designed for flexibility and collaboration, enhancing the work environment for over 500 employees based in Boston. This move reflects the firm's commitment to the city and its growth strategy, as Columbia Threadneedle, part of Ameriprise Financial (NYSE: AMP), manages $476 billion in assets globally.
Voyage Financial Group has transitioned to Ameriprise Financial from LPL Financial, bringing nearly $500 million in client assets. Led by co-founders Tom Royce and Mike Chong, the team sought enhanced resources to support their growth ambitions. They identified Ameriprise's dedicated acquisition support and integrated technology as vital for their operations. This move aims to improve service delivery while capturing expansion opportunities in the wealth management sector.
Ameriprise Financial (NYSE: AMP) announced a projected unfavorable impact of approximately $350 million after-tax on its third quarter 2020 adjusted operating earnings due to its annual review of insurance and annuity valuation assumptions. The low interest rate environment and a reduction in the 10-year Treasury rate assumption to 3.5 percent are primary contributors. However, this change will not affect the company's excess capital, which is determined on a statutory basis. The operating effective tax rate is expected to be elevated in Q3 2020.