Huntington Bank gives Ameriprise institutional unit $28B boost

Ameriprise’s institutional division has secured a deal to provide a host of financial services to support billions in client assets managed at Huntington Bank.

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Columbus, Ohio-based Huntington Bank announced this week that it has selected Ameriprise Financial Institutions Group to provide brokerage, advisory and insurance services to its wealth management unit, Huntington Financial Advisors. Huntington Financial Advisors, which had previously handled those functions internally, has 260 advisors managing $28 billion in client assets.

Huntington said in a statement that the partnership gives its wealth management division access to better technology, financial planning resources and investment opportunities.

“We look forward to supporting Huntington’s advisors and customers with our advanced technology, robust financial planning capabilities and scalable solutions,” Pat O’Connell, the president of Ameriprise’s branch and financial institutions channels, said in a statement. “We’ve invested heavily in building capabilities to support large, high-quality institutions — and Huntington’s decision to partner with us reinforces our position as a key player in the space.”

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Through its institutional division, Ameriprise provides brokerage, advisory and related services to employees of outside banks or credit unions, allowing them to register with Ameriprise as a broker, an advisor or both. Ameriprise Financial Institutions Group has reached similar deals with Comerica, Kinecta Credit Union and ChoiceOne Bank.

“Since entering the financial institutions space, Ameriprise has established a strong presence and momentum,” Jay McAnelly, group vice president of the Ameriprise Financial Institutions Group, said in a statement. “The relationship with Huntington – one of the largest banks to outsource its broker-dealer – is a clear signal that our platform is resonating in the marketplace.”