Ameriprise reported strong Q3 2025 results with 12% EPS growth and a 27% firm-wide margin, driven by record AUM/A of $1.7 trillion and disciplined expense management. Management struck a bullish tone on the company's positioning but revealed two cross-company signals: an expanded back-office partnership with State Street and an uncertain future for the Comerica wealth management relationship due to an acquisition. Adjusted operating EPS ex-unlocking of $9.92, +12% YoY; revenue $4.6B, +6%.
Ameriprise reported strong Q3 2025 results with 12% EPS growth and a 27% firm-wide margin, driven by record AUM/A of $1.7 trillion and disciplined expense management. Management struck a bullish tone on the company's positioning but revealed two cross-company signals: an expanded back-office partnership with State Street and an uncertain future for the Comerica wealth management relationship due to an acquisition. Adjusted operating EPS ex-unlocking of $9.92, +12% YoY; revenue $4.6B, +6%.
Ameriprise reported strong Q3 2025 results with 12% EPS growth and a 27% firm-wide margin, driven by record AUM/A of $1.7 trillion and disciplined expense management. Management struck a bullish tone on the company's positioning but revealed two cross-company signals: an…
Adjusted operating EPS ex-unlocking of $9.92, +12% YoY; revenue $4.6B, +6%.
Record client assets $1.1T in Wealth Management; wrap assets up 14%.
Advisor recruiting strong: 90 experienced advisors added, pipeline solid.
Management highlighted digital and AI investments creating strong client experiences and streamlining workflows, with record digital adoption and all-time high mobile app satisfaction, and discussed a next-generation capability called Advice Insights using big data and machine learning to drive engagement and support business growth.
Management struck a confident tone on the call, highlighting double-digit EPS growth, best-in-class margins (27%) and ROE (53%), record asset levels, and a fortress balance sheet, while reiterating that the business is resilient even if the environment softens.
Management did not discuss capital expenditure or infrastructure investment in detail, but mentioned an expanded partnership with State Street to establish a unified global back office for many Columbia Threadneedle funds, which is part of ongoing transformation initiatives to reduce costs and strengthen profitability.
Management expressed confidence in the business's resilience and positioning, citing strong results, high margins, best-in-class ROE, and a long-term track record of value creation.
“announcement of our expanded partnership with State Street, establishing a unified global back office for many Columbia Threadneedle funds”
“we know an acquisition has occurred will be working with them as they decide how they want to proceed”
The pending acquisition of Comerica (by an unnamed buyer) creates potential churn in the outsourced wealth management channel, but Ameriprise's strong contract protections and platform satisfaction position it to retain or even grow the relationship. — Regional bank M&A often triggers re-evaluations of wealth management partnerships; Ameriprise's defensive positioning could lead to either stable revenue or an opportunity to expand the relationship if the acquirer adopts the platform.
“we have an excellent relationship with Comerica since we've done the arrangement and put them on our platform and capability working with the advisors and their clients”
Great. Thank you. Good morning. First question on NWM. Can you comment on the Comerica relationship given the M&A that we saw recently and maybe remind us of what the assets under management or account values are with respect to that relationship?
Sue, I can do a comment on the first part as Walter on the assets level. First of all, we have an excellent relationship with Comerica since we've done the arrangement and put them on our platform and capability working with the advisors and their clients. We have gotten very strong favorable reviews from Comerica themselves from their executives from their wealth management group and their advisors they love the platform the capabilities the tools etc so we feel very good about that relationship we know an acquisition has occurred will be working with them as they decide how they want to proceed and we feel very comfortable with the arrangement we had in place with them and the the contract and agreements uh so it's more of a stay tuned as uh i guess they're going through their their own uh decisions on what they need to do or look at but we have great capability to support them on the ssi it's around 15 billion dollars and like in any contract of this nature there's protections okay um and then in your um prepared comments you called out two practices that uh have left uh that were pretty sizable can you
Ameriprise is expanding its back-office outsourcing with State Street, creating a unified global operating model for Columbia Threadneedle funds, which signals deepening consolidation among asset managers and a shift toward technology-driven efficiency. — This move reduces Ameriprise's own cost base and could pressure other asset managers to follow suit, benefiting large custodians like State Street while pressuring smaller, less efficient competitors.
… applies across Ameriprise as we continue to drive transformation and operational efficiency. What's clear? Our disciplined approach delivers results, and that's evident in our strong margins. And our digital transformation is not only enhancing the client advisor experience, it is also reducing costs and positioning us for sustainable growth. We're also enhancing our global operating platform for asset management. A recent example is the announcement of our expanded partnership with State Street, establishing a unified global back office for many Columbia Threadneedle funds. These initiatives further strengthen profitability and our ability to reinvest in innovation and growth. As you know, we manage the business with rigor and consistency. Ameriprise consistently delivers profitable growth, robust free cash flow, and a strong return. In fact, the return on capital remains exceptional, supported by healthy dividends and robust share repurchases. That includes a capital return in the quarter that we increased to $842 million. Our financial strength and stability enables us to reinvest strategically and act opportunistically. We believe that what also sets Ameriprise apart are …