Net income and total assets under management at Ameriprise Financial slipped in the third quarter, a result of turbulent equity markets, the company said in its latest earnings announcement.

Net income was $271 million, or $1.12 per diluted share, down about 21.7% from $346 million in third quarter 2010, the company said on Wednesday. Similarly, operating earnings were $251 million, or $1.04 per diluted share, down about 28.7% from $352 million the same period a year ago.

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