Ameriprise Financial Adds $18B in Assets from Comerica Bank

Ameriprise Financial expects about $18 billion to come its way later this year under a new agreement to take over management of Comerica Bank’s broker-dealer assets.

As part of the arrangement, Comerica and certain affiliates will transition support of specific insurance, brokerage and investment advisory activities currently conducted by Comerica’s broker-dealer subsidiary to the Ameriprise Financial Institutions Group.

Dallas-based Comerica chose Ameriprise to provide investment services to roughly 100 of its financial advisors working within a team of nearly 800 advisors with about $195 million in assets supporting its wealth management business in Texas, Michigan, California, Florida, Arizona and the Carolinas.

Citing cultural similarities, Greg Carr, executive director of wealth management at Comerica, said, “Their culture is a natural fit for our financial advisors, as Ameriprise shares our passion for providing tailored advice that helps clients achieve their financial goals.”

Minneapolis-based Ameriprise chairman and CEO Jim Cracchiolo said in October that Ameriprise planned to expand its footprint among banks, credit unions and other financial institutions as part of a broader effort to grow the business.

Last year, Ameriprise lured two wealth management programs that had been affiliated with CUNA Brokerage Services as well as a Texas bank’s investment program that had previously been with rival LPL Financial.