Ameriprise had record fourth-quarter earnings driven by a strategic acquisition, strong stock market performance and net client inflows during the quarter. Looking ahead, the Minneapolis-based company said rising interest rates would be a benefit to the company's banking operations and other businesses.

"Ameriprise delivered another very strong quarter and a record year for client flows, assets and financial results," chief executive Jim Cracchiolo said in a news release.

Cracchiolo also said the company is ready for the coming year, including higher interest rates. The Federal Reserve indicated Wednesday that it would raise rates in March for the first time in more than three years.

"Ameriprise is well-positioned to continue navigating the current environment successfully, and rising interest rates would be another positive," Cracchiolo said.

John Barnidge, an analyst with Piper Sandler, wrote in a research note before the fourth-quarter earnings release Wednesday that certain Ameriprise businesses, including its Asset Wealth Management unit, would benefit from a rising interest rate environment.

Ameriprise also expects to see in the first quarter more benefits of its $829 million acquisition in November of BMO Financial Group's EMEA Asset Management unit. The integration of BMO has gone according to plan, the company said.

The addition of the BMO business in Europe, Middle East and Africa added $136 billion in assets under management. Ameriprise's total assets under management and administration is now $1.4 trillion.

During the fourth quarter, Ameriprise clients added nearly $40 billion to their portfolios.

The company earned $701 million during the quarter, or $5.96 a share, up from $177 million, or $1.43 a share, in the same period last year.

Adjusted earnings were a record $6.15 a share, up 36%, and exceeded Wall Street analysts' consensus estimate of $5.70 a share for the quarter. The adjustments included an $18 million charge to integrate the BMO unit into operations.

Net revenue increased 18% to $3.7 billion.

Amerprise's board of directors also announced an extension of its share buyback program, authorizing an additional $3 billion in shares to be repurchased through March 2024.

Ameriprise reported their its results after the market closed Wednesday. Shares of Ameriprise closed Thursday at $303.71, up 1.7% for the day. The stock price has ranged from $196.77 to $332.37 a share over the past 52 weeks.