Ameriprise net up 16% in first quarter

Ameriprise Financial Inc. of Minneapolis today reported first-quarter earnings of $191 million, or $0.82 per diluted share, a 16% increase over the net of $165 million in the year-ago period. The company's board of directors also announced a plan to repurchase up to $1.5 billion of the company's stock over the next two years. Affiliated Managers Group Inc. of New York reported a 10% drop in first quarter net income, to $32.8 million, or $1.46 per share, from $36.6 million, or $1.43 per share, a year ago. The asset manager attributed the decline to net client outflows and higher expenses. Raymond James Financial Inc. of St. Petersburg, Fla., reported slightly higher net income for its second fiscal quarter — $59.8 million versus $59.7 million, or $0.50 per share in each quarter. Ambac Financial Group Inc. of New York posted a loss of $1.66 billion, or $11.69 per share, for the first quarter, compared with a net of $213.3 million, or $2.02 per share, in the first quarter of 2007. The company's losses for the past nine months have totaled almost $5.3 billion, and it has set aside $1 billion to address claims on defaulted mortgage debt. FBR Capital Markets Corp. of Arlington, Va., posted a loss of $10.2 million, or $0.16 per share, compared to a net of $11 million, or $0.17 per share, in the comparable quarter. The company cited higher-than-average expenses, as well as increased write-downs on merchant banking investments.