Ameriprise 2012 Annual Report Download - page 9
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Ameriprise Financial Annual Report 2012 7
Through Columbia
Management and
Threadneedle
Investments,
Ameriprise
ranks among
the world’s largest
asset managers.
North America and Europe — our core markets — represent
approximately 70 percent of the more than $60 trillion in managed
assets around the world. While Asia-Pacic, Latin America and other
developing regions hold fewer assets, managed assets in these
regions are expected to generate higher growth rates in the future.
We have consistently invested in our asset management business
to position the rm to compete globally. We have a good balance of
equity and xed income assets, broad capabilities and improving
distribution. And we have developed important strategic relationships
that provide a solid base of assets and earnings.
We’re building on this strong foundation and the breadth of our
investment and research talent to generate consistent, competitive
investment performance at both Columbia and Threadneedle. In
2012, our investment performance was recognized with more than
40 Lipper awards across equity and xed income categories in
numerous countries. And at year end, Morningstar rated 111 of
our funds four or ve stars.
Like many rms in the industry, Columbia reported net outows in
2012. While our underlying ow characteristics were similar to other
rms — retail equity net outows and net inows in xed income
funds — our results also reected other items that were specic to
Columbia, including net outows in former parent-company portfolios
and funds sub-advised by a third-party rm. In addition, the fourth
quarter proved to be challenging for Columbia and others in the
industry, given investors’ concerns about potential tax changes and
the U.S. budget impasse.
Everyone at Columbia recognizes the need to generate protable
net inows. While we have more work to do, the underlying business
is sound. We have good products with good performance. More
key decision-makers in the industry are recommending Columbia
funds, and we’re working to broaden our product lines to compete
more effectively in crucial growth areas, such as multi-asset class
solutions and global products. In addition, we’ve strengthened our
institutional business. We’re establishing important relationships with
industry gatekeepers that will be essential as we grow the business
over time.
Threadneedle had a strong year, generating net inows despite
ongoing outows of former-parent insurance assets. The U.K. retail
business led the way, as investors gained condence midway through
the year, generating net inows. In addition, our core institutional