Ameriprise Adds $28B in Deal With Huntington Bank's Wealth Division

Core Insights - Huntington National Bank is transferring $28 billion of its bank-owned broker/dealer, registered investment advisor, and insurance assets to Ameriprise Financial Services [1] - Huntington Financial Advisors, with approximately 260 financial advisors, will continue to operate under the bank while utilizing Ameriprise for retail investment operations, gaining access to enhanced technology and financial planning tools [2][3] - The deal represents the largest transaction for Ameriprise's institutional group and comes amid uncertainties regarding its partnership with Comerica due to Fifth Third Bancorp's acquisition of Comerica [5][6] Company Overview - Huntington's parent company holds about $279 billion in assets and operates 1,400 branches across 21 states [4] - Ameriprise reported a record high of $1.2 trillion in total client assets within its advice and wealth segment, reflecting a 13% year-over-year increase [4] Strategic Moves - The transition to Ameriprise is seen as a significant step towards sustainable growth for Huntington, as stated by the director of Wealth Management [3] - Ameriprise is actively exploring opportunities in the financial institutions sector, having recently partnered with ChoiceOne Bank and others [6]