Ameriprise Financial Closes Sale of Defined Contribution Recordkeeping Business to Wachovia.MINNEAPOLIS -- Ameriprise Financial, Inc. (NYSE NYSE See: New York Stock Exchange :AMP) today announced that it has closed the sale of its defined contribution recordkeeping business to Wachovia. The sale is expected to be marginally accretive to the Company's earnings per share and generate a modest gain. Terms of the transaction were not disclosed. "This transaction is good for Ameriprise and our clients," said Jim Cracchiolo, chairman and chief executive officer of Ameriprise Financial. "We've received positive feedback from our defined contribution plan Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan clients about the transaction. In addition to ensuring our clients' needs are met, we were able to enhance our margins, return on equity and shareholder value, while exiting the scale-driven, recordkeeping portion of this business." While Ameriprise is exiting the recordkeeping business, it remains a leader in face-to-face, personalized financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and will continue to offer a robust suite of investment management products and services, workplace financial education and IRA rollover IRA rollover Reinvestment of a lump-sum distribution from an IRA when physical receipt of funds has been taken by the investor. The lump-sum distribution must be deposited in an IRA rollover account within 60 days of receipt to escape taxation. services to defined contribution plans and participants. Ameriprise Financial, Inc. is a leading financial planning and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. The Company's financial advisors deliver tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent. Financial advisory services and investments are available through Ameriprise Financial Services, Inc. Member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . For more information, visit www.ameriprise.com. |
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