Ameriprise Financial’s AMP second-quarter 2021 adjusted operating earnings per share of $5.27 surpassed the Zacks Consensus Estimate of $5.23. The bottom line reflects a rise of 39.4% from the year-ago quarter. Notably, the prior-year quarter figure excludes net operating loss tax impacts.Results were aided by growth in revenues, partly offset by higher expenses. Improvements in assets under management (AUM) and assets under administration (AUA) balance were tailwinds.After taking into consideration significant items, net income (GAAP basis) was $591 million or $4.88 per share against a net loss of $539 million or $4.31 per share in the prior-year quarter.Revenues Improve, Expenses RiseOn an operating basis, total adjusted net revenues were $3.39 billion, up 22.5% year over year. The top line surpassed the Zacks Consensus Estimate of $3.38 billion. On a GAAP basis, net revenues were $3.42 billion, up 26% year over year.Adjusted operating expenses totaled $2.61 billion, up 19.1% from the prior-year quarter.AUM & AUA ImproveDriven by strong client flows in the Wealth and Asset Management segments and market appreciation, total AUM and AUA were $1.21 trillion, up 27.9% year over year.Share Repurchase UpdateIn the reported quarter, Ameriprise repurchased shares worth $450 million.ConclusionIn April 2021, the company announced an agreement with Canada-based BMO Financial Group to take over its EMEA asset management operations for $845 million in cash to further strengthen its wealth and asset management businesses. The deal, expected to close in the fourth quarter of 2021, will likely be earnings accretive in 2023.In June, Ameriprise announced that its insurance subsidiaries entered an agreement to reinsure approximately $8 billion of fixed annuities, which will free up $700 million of capital.Ameriprise’s solid AUM balance, diversified investment portfolio and business-restructuring efforts are expected to keep aiding profitability. However, rising expenses make us apprehensive.Ameriprise Financial, Inc. Price, Consensus and EPS Surprise Ameriprise Financial, Inc. price-consensus-eps-surprise-chart | Ameriprise Financial, Inc. QuoteAmeriprise currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Asset ManagersBlackRock, Inc.’s BLK second-quarter 2021 adjusted earnings of $10.03 per share outpaced the Zacks Consensus Estimate of $9.24. The figure reflects a rise of 27.8 % from the year-ago quarter’s number.Blackstone’s BX second-quarter 2021 distributable earnings of 82 cents per share surpassed the Zacks Consensus Estimate of 80 cents. The figure reflects a rise of 90.7% from the prior-year quarter.SEI Investments Co.’s SEIC second-quarter 2021 earnings of 93 cents per share beat the Zacks Consensus Estimate by a penny. The bottom line reflected 37% growth from the prior-year quarter. +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second. Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blackstone Group IncThe (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report Ameriprise Financial, Inc. (AMP): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research