Ameriprise Financial Inc.’s fourth-quarter profit rose 43 percent, pushed up by strong growth of fee-based business and market appreciation.

The Minneapolis-based investment services firm on Wednesday reported net income of $426 million in the last three months of 2014, up from $298 million a year earlier. Revenue rose 5 percent to $3 billion.

Adjusted for one-time costs and discontinued operations, its profit amounted to $2.30 a share, above the $2.22 a share forecast of analysts.

For the year, Ameriprise saw its operating return on equity rise to 23 percent, a record.

Evan Ramstad