Ameriprise 2013 Annual Report Download - page 82

Years Ended
December 31,
2013 2012
(in billions)
Threadneedle Managed Assets Rollforward
Retail Funds
Beginning assets $ 39.1 $ 31.8
Mutual fund inflows 23.3 16.0
Mutual fund outflows(2) (18.9) (13.8)
Net new flows 4.4 2.2
Reinvested dividends 0.2 0.1
Net flows 4.6 2.3
Distributions (0.5) (0.5)
Market appreciation 5.6 3.2
Foreign currency translation(1) 1.1 1.6
Other 0.7 0.7
Total ending assets 50.6 39.1
Institutional
Beginning assets 87.6 80.6
Inflows 9.2 9.1
Outflows (11.8) (13.2)
Net flows (2.6) (4.1)
Market appreciation 6.7 4.9
Foreign currency translation(1) 1.6 3.7
Other 2.8 2.5
Total ending assets 96.1 87.6
Alternative
Beginning assets 1.1 1.2
Inflows — 0.1
Outflows (0.2) (0.2)
Net flows (0.2) (0.1)
Market depreciation (0.2) —
Total ending assets 0.7 1.1
Total Threadneedle managed assets $147.4 $127.8
Total Threadneedle net flows $ 1.8 $ (1.9)
(1) Amounts represent British Pound to US dollar conversion.
(2) Retail fund outflows in Q2 2012 included $1.2 billion primarily due to a change in subadvisory relationship between Threadneedle
and Columbia. These outflows are eliminated at the segment level.
Total segment AUM increased $45.4 billion, or 10%, during the year ended December 31, 2013 driven by market
appreciation, partially offset by net outflows. Total segment AUM net outflows were $6.6 billion for the year ended
December 31, 2013. Management expects, consistent with prior patterns of outflows, that outflows of primarily low margin
assets directly or indirectly affiliated with Threadneedle and Columbia former parent companies will continue for the
foreseeable future. The overall impact to segment results is difficult to quantify due to uncertain timing, volume and mix of
the outflows.
Columbia managed assets increased $26.3 billion, or 8%, during the year ended December 31, 2013 primarily due to
market appreciation, partially offset by net outflows. Total Columbia net outflows were $8.3 billion for the year ended
December 31, 2013. Columbia retail funds increased $23.1 billion, or 11%, during the year ended December 31, 2013
primarily due to market appreciation, partially offset by net outflows. Columbia retail net outflows of $3.5 billion during the
year ended December 31, 2013 included outflows from a large distribution partner that continued to re-balance asset
concentrations, continued outflows from a third party sub-advisor and outflows associated with a share class change in the
Registered Investment Advisor (‘‘RIA’’) channel. Columbia retail net outflows during the year ended December 31, 2013
included $9.9 billion of reinvested dividends, which was driven by market appreciation last year and the related gains in
certain portfolios. Columbia institutional AUM increased $3.2 billion, or 4%, during the year ended December 31, 2013
due to market appreciation, partially offset by net outflows. Columbia institutional net outflows of $4.5 billion for the year
ended December 31, 2013 primarily reflected outflows in former parent influenced mandates and former parent affiliated
distribution, some of which was low basis point assets, as well as first quarter outflows in investment grade and high yield
credit mandates given strong performance in these asset classes, partially offset by new mandates funded in 2013.
Threadneedle managed assets increased $19.6 billion, or 15%, during the year ended December 31, 2013 primarily due
to market appreciation, as well as net inflows and a positive impact of foreign currency translation. Threadneedle retail
funds increased $11.5 billion, or 29%, during the year ended December 31, 2013 due to net inflows of $4.6 billion,
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