Ameriprise Financial quarterly profit rises on wealth management strength

April 23 (Reuters) - Ameriprise Financial AMP.N reported a rise in first-quarter profit on Thursday as the asset and wealth manager earned higher fees from managing client assets.

"In an environment of heightened market volatility and uncertainty, clients remain highly engaged and well-served by our personalized advice, expert investment perspective and broad product range," CEO Jim Cracchiolo said in a statement.

Here are the details:

• Ameriprise's assets under management, administration and advisement came in at $1.7 trillion during the three months ended ‍March 31, up 12% from a year ago.

• Assets under management and the fees earned by managers depend on ‌two ‌factors: money flowing in and out of the funds and how investments perform.

• Its first-quarter profit rose to $915 million, or $9.68 per share, compared with $583 million, or $5.83 per share, a year earlier.

• Management and financial advice fees rose 13% to $2.9 billion during the first quarter.

• Its net investment income rose 0.5% to $872 million.