Ameriprise Financial, Inc. (NYSE:AMP) was founded in 1894, formerly known as American Express Financial Advisors, and was operated independently from American Express in 2005. It is headquartered in Minneapolis, Minnesota, and has 13,000 full-time employees. Ren is a company that provides various financial products and services to individual and institutional clients in the US and international markets.
Ameriprise Financial (AMP):
Ameriprise Financial, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally.
- Amerpress Financial’s consulting and wealth management services: provide financial planning and advice, as well as provide full-service brokerage services through corporate consultants, mainly for retail customers.
- Amerpress Financial’s asset management business: Provide investment advice and investment products to retail, high-net-worth, and institutional customers through non-contracted institutions, third-party financial institutions and institutional sales personnel. The business products include U.S. mutual funds, ETFs, variable product fund priority insurance, separate annuity accounts, institutional asset management products like traditional asset classes, separately managed accounts, personal managed accounts, secured loan securities, hedge funds, collective funds, and properties fund.
- Annuity business of Amerpress Financial Corporation: Provide variable and fixed annuity products to individual customers through contracted and non-contracted consultants and financial institutions.
- Amerpress Financial’s protection business: Provides a variety of products through consultants and similar relationships to deal with the protection and risk management needs of the retail industry, including life insurance, disability income, and property accident insurance.
History of Ameriprise Financial (AMP):
- 1894-John Tappan founded Investors Syndicate in Minneapolis, Minnesota;
- 1925-West Coast businessman JR Ridgway, Sr. merged his investment company with Investors Syndicate and took over the chairman of the company’s board of directors;
- 1937-JR Ridgway Sr. passed away and his 23-year-old son JR Ridgway, Jr. took over the company;
- 1940-Investors Syndicate issued the first mutual fund-Investors Mutual Fund. By the 1960s, Investors Mutual Fund had become the largest mutual fund in the world;
- 1949-Investors Syndicate changed its name to Investors Diversified Services, Inc. (IDS);
- 1958-IDS established Investors Syndicate Life Insurance and Annuity Company ( now known as RiverSource Life Insurance Company );
- 1974-Minneapolis becomes the headquarters of IDS;
- 1979-The Ridgway family sold all IDS shares and IDS became a wholly-owned subsidiary of Alleghany Corporation ;
- 1984-American Express ( American Express ) acquired all shares of IDS Financial Services from Alleghany Corporation, and the company was renamed American Express Financial Advisors (AEFA);
- 1986-IDS acquired Wisconsin Employers Casualty Company and renamed it IDS Property Casualty Insurance Company;
- 1994-IDS managed assets reached $100 billion;
- 2003-American Express Financial Corporation acquired Threadneedle Asset Management Holdings in London;
- 2005-American Express Financial Corporation was spun off from American Express to form an independent company, and at the same time changed its name to Ameriprise Financial, Inc., and listed on the New York Stock Exchange, stock code: AMP;
- 2006-Ameriprise Financial established Ameriprise Bank, FSB;
- 2007-Amher Place Finance ranked 297th in the Fortune 500;
- 2008-Ameriprise Financial acquired H&R Block Financial Advisors for US$315 million;
- 2008-Amerpress Financial acquired J. & W. Seligman & Co., an asset management company, for US$400 million;
- 2009 – Ameriprise Financial to $ 1.2 billion from Bank of America of America, acquired long-term asset management company Bank – Columbia Management Company Columbia Management;
- 2011-Amher Place Finance ranks 246th in the Fortune 500.
Ameriprise Financial (AMP) investment:
Since Ameriprise was independent from American Express in 2005 and acquired the investment company Columbia Management in 2009, its stock price has risen sharply, but its current price-earnings ratio in 2015 is still only 14 times. Some analysts believe that the stock still has room for growth, and 57% of Wall Street analysts recommend “buy.”
Ameriprise has recently continuously strengthened its wealth management business, and currently has more than 500 billion US dollars of capital under its control, and the resulting income accounts for an increasing proportion of the company’s total income. Ameriprise’s dividend yield is only slightly higher than the S&P 500 average, but the company’s stock repurchase tradition also helps increase its earnings per share.