As part of its spinoff from American Express, AEFA announced Wednesday it will it will adopt the new name Ameriprise Financial this summer. The previously announced American Express spinoff (See American Express to Spin off Financial Advisory Business ) is expected to be completed in the third quarter of 2005. The company will begin operating under the Ameriprise Financial , brand on August 1, 2005.
The company’s insurance, annuity, asset management and outside distribution businesses will operate under the new name RiverSource, according to a news release. The RiverSource name will be used for:
- RiverSource Investments, including retail and institutional asset management
- RiverSource Insurance
- RiverSource Annuities
- RiverSource Distributors, the company’s distribution arm.
Beginning August 1, the Ameriprise Financial brand will be used for the holding company, as well as for selected businesses, such as Ameriprise Retirement Services, Ameriprise Certificate Company, Ameriprise Auto & Home, and Ameriprise Trust Company. At the same time, the company’s financial advisors will begin doing business as The Personal Advisors of Ameriprise Financial, according to the announcement.