Ameriprise 2013 Annual Report Download - page 93
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Expenses
Total expenses increased $123 million, or 4%, to $3.4 billion for the year ended December 31, 2012 compared to
$3.3 billion for the prior year due to a $121 million increase in distribution expenses driven by higher compensation due to
strong growth in client assets.
Asset Management
In aggregate, we voluntarily waived fees to the Funds of $11 million and $14 million for the years ended December 31,
2012 and 2011, respectively. See our discussion on fee waivers within our Asset Management Results of Operations for
the year ended December 31, 2013.
The following table presents ending balances and average managed assets:
Average(1)
December 31, December 31,
2012 2011 Change 2012 2011 Change
(in billions)
Columbia managed assets $ 330.4 $ 326.1 $ 4.3 1% $ 335.8 $ 351.2 $ (15.4) (4)%
Threadneedle managed
assets 127.8 113.6 14.2 13 120.9 108.3 12.6 12
Less: Sub-advised
eliminations (2.8) (4.2) 1.4 33 (3.4) (4.6) 1.2 26
Total managed assets $ 455.4 $ 435.5 $ 19.9 5% $ 453.3 $ 454.9 $ (1.6) —%
(1) Average ending balances are calculated using an average of prior period’s ending balance and all months in the current period.
The following table presents managed asset net flows:
Years Ended
December 31,
2012 2011 Change
(in billions)
Columbia managed asset net flows $ (18.6) $ (16.7) $ (1.9) (11)%
Threadneedle managed asset net flows(1) (1.9) 10.6 (12.5) NM
Less: Sub-advised eliminations(1) 1.8 (0.8) 2.6 NM
Total managed asset net flows $ (18.7) $ (6.9) $ (11.8) NM
NM Not Meaningful.
(1) Threadneedle net flows in Q2 2012 included $1.2 billion of outflows primarily due to a change in subadvisory relationship between
Threadneedle and Columbia. These outflows are eliminated at the segment level.
The following table presents managed asset by type:
Average(1)
December 31, December 31,
2012 2011 Change 2012 2011 Change
(in billions)
Equity $ 224.1 $ 209.9 $ 14.2 7% $ 220.5 $ 233.9 $ (13.4) (6)%
Fixed income 205.2 196.5 8.7 4 204.9 191.4 13.5 7
Money market 6.5 7.5 (1.0) (13) 7.0 6.6 0.4 6
Alternative 6.7 9.3 (2.6) (28) 8.3 10.5 (2.2) (21)
Hybrid and other 12.9 12.3 0.6 5 12.6 12.5 0.1 1
Total managed assets by type $ 455.4 $ 435.5 $ 19.9 5% $ 453.3 $ 454.9 $ (1.6) —%
(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.
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