Ameriprise 2013 Annual Report Download - page 95

Years Ended
December 31,
2012 2011
(in billions)
Threadneedle Managed Assets Rollforward
Retail Funds
Beginning assets $ 31.8 $ 33.4
Mutual fund inflows 16.0 17.1
Mutual fund outflows(2) (13.8) (16.5)
Net new flows 2.2 0.6
Reinvested dividends 0.1 0.2
Net flows 2.3 0.8
Distributions (0.5) (0.6)
Market appreciation (depreciation) 3.2 (2.4)
Foreign currency translation(1) 1.6 (0.2)
Other 0.7 0.8
Total ending assets 39.1 31.8
Institutional
Beginning assets 80.6 70.9
Inflows 9.1 21.7
Outflows (13.2) (11.7)
Net flows (4.1) 10.0
Market appreciation (depreciation) 4.9 (1.9)
Foreign currency translation(1) 3.7 (0.4)
Other 2.5 2.0
Total ending assets 87.6 80.6
Alternative
Beginning assets 1.2 1.3
Inflows 0.1 0.3
Outflows (0.2) (0.5)
Net flows (0.1) (0.2)
Market depreciation — (0.1)
Other — 0.2
Total ending assets 1.1 1.2
Total Threadneedle managed assets $ 127.8 $ 113.6
Total Threadneedle net flows $ (1.9) $ 10.6
(1) Amounts represent British Pound to US dollar conversion.
(2) Retail fund outflows in Q2 2012 included $1.2 billion due to a change in subadvisory relationship between Threadneedle and
Columbia. These outflows are eliminated at the segment level.
Total segment AUM increased $19.9 billion, or 5%, during the year ended December 31, 2012 due to an increase in both
Columbia and Threadneedle managed assets.
Columbia managed assets increased $4.3 billion, or 1%, in 2012 due to market appreciation, partially offset by net
outflows. Columbia retail funds increased $11.5 billion, or 6%, in 2012 due to market appreciation, partially offset by net
outflows. Columbia retail fund net outflows of $9.4 billion in 2012 included $4.2 billion of previously announced outflows
in former parent company portfolios, $2.1 billion of outflows in New York 529 program assets, $2.6 billion of outflows in
our Value and Restructuring fund where there was a manager retirement in 2012 and $2.8 billion of outflows with a third-
party sub-advisor. In retail mutual funds, we saw similar trends to others in the industry including activity in the last part of
2012 influenced by investors’ desire to lock in capital gains ahead of an anticipated increase in the capital gains tax rate,
economic uncertainty and continued allocation away from actively managed equities.
Columbia institutional AUM decreased $0.9 billion, or 1%, in 2012 due to net outflows, partially offset by market
appreciation. Columbia institutional net outflows of $6.5 billion in 2012 included $2.1 billion of previously announced
outflows in former parent company portfolios, as well as $0.7 billion of outflows related to a large institutional client and
$0.5 billion of outflows in our Value and Restructuring strategy. We also saw a few institutional clients change their
investment objectives or make changes to re-balance their portfolios which contributed to outflows in the fourth quarter of
2012.
Columbia alternative AUM decreased $2.4 billion, or 30%, in 2012 due to net outflows of $2.7 billion primarily driven by
outflows related to the termination of a hedge fund portfolio manager in the third quarter of 2012 and subsequent closing
of the fund he managed.
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