Parties Close Arrangement For Ameriprise To Become Comerica's New Investment Program Provider; The Strategic Relationship Includes ~100 Financial Advisors And $18B In Assets
Portfolio Pulse from Benzinga Newsdesk
Ameriprise Financial, Inc. (AMP) and Comerica, Inc. (CMA) have completed an arrangement making Ameriprise the new investment program provider for Comerica. The partnership involves around 100 financial advisors and $18 billion in assets, enhancing Comerica's wealth management offerings with Ameriprise's services, technology, and investment solutions. Comerica's wealth management division manages about $195 billion in assets, with $18 billion previously managed by its securities business now supported by Ameriprise.
November 13, 2023 | 4:03 pm
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Ameriprise Financial, Inc. has become the new investment program provider for Comerica, incorporating approximately $18 billion in assets and 100 financial advisors into its services.
The completion of this strategic arrangement is likely to have a positive impact on Ameriprise's short-term stock performance due to the significant addition of assets and expansion of services, which could be seen as a growth opportunity by investors.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Comerica, Inc. has transitioned its investment program to Ameriprise, aiming to enhance wealth management offerings for its clients with new services and technology.
Comerica's decision to partner with Ameriprise and transition $18 billion in assets for better wealth management services could be viewed positively by investors, potentially leading to a short-term uptick in Comerica's stock price.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70