Ameriprise Financial Inc. posted a lower first-quarter profit, owing to costs in connection with its spin-off from American Express in the third quarter of 2005.

Ameriprise, based out of Minneapolis, recorded a net income of $145 million in the first three months of 2006, down from $175 million a year ago.

Adjusted earnings, which do not include one-time separation expenses and other discontinued operations, reached $189 million, a 15-percent jump from $161 million in the same period last year.

The firm said revenues rose 6 percent to $1.9 billion, driven mainly by growth in management, financial advice and service fees.

"We had strong performance in the quarter, as we continue to establish ourselves as an independent company," said Jim Cracchiolo, the firm's chairman and chief executive officer, in a statement.  

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