Comerica selects Ameriprise as new investment program provider

Ameriprise Financial (AMP) and Comerica Bank (CMA) announced that Ameriprise Financial Services, LLC and Comerica Bank have signed an agreement for Ameriprise to become Comerica’s new investment program provider. 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. The transaction is expected to close by the end of the year. Headquartered in Dallas, Comerica has approximately 100 financial advisors who are part of a broader team of nearly 800 who support the wealth management business throughout Texas and in Michigan, California, Florida, Arizona and the Carolinas. Comerica’s wealth management division manages approximately $195B in assets, approximately $18B of which is managed by its securities business and is expected to be supported by AFIG as part of the arrangement.