UPDATE 1-Ameriprise posts Q4 loss as revenue falls

miércoles 28 de enero de 2009 23:17 CET
 

* Swings to Q4 loss vs estimate for profit

* Rev $1.40 bln vs est $1.67 bln

* Rev falls on investment losses, lower fees

Jan 28 (Reuters) - Ameriprise Financial Inc (AMP.N: Cotización), an asset manager and broker specializing in retirement plans, swung to a fourth-quarter loss as revenue fell on declining fees and investment losses. The Minneapolis-based company posted a loss of $369 million, or $1.69 a share, compared with a profit of $255 million, or $1.08 a share, last year.

Analysts expected the company to earn 44 cents a share, excluding special items, according to Reuters Estimates.

Ameriprise, spun off from American Express (AXP.N: Cotización) in 2005, said total revenue fell 40 percent to $1.40 billion as it lost $28 million on investments.

Analysts expected the revenue of $1.67 billion.

Management and financial advice fees declined 35 percent to $607 million and distribution fees fell 20 percent to $334 million.

Shares of the company closed at $22.12 Wednesday on the New York Stock Exchange. (Reporting by Amiteshwar Singh in Bangalore; Editing by Pratish Narayanan)