Donald Froude, president of Ameriprise Financial’s Personal Advisors Group, will step down from his role at the end of the month, according to an SEC filing. Froude, who joined the firm as head of the advice and wealth business in September 2008, will stay with the firm, working on field initiatives and projects. The firm did not provide a new title.
The move, which was Froude’s decision, is part of a transition that has been in the works for the past year, a company spokesman said. Froude wanted to be in a role that involved less travel.
The firm is not filling the role. But Pat O’Connell will continue to lead the firm’s employee advisor channel, and Bill Williams will head the firm’s independent advisor business. Both will now report to Chairman and CEO Jim Cracchiolo. Neal Maglaque, president of the advice and wealth segment’s business development and chief operating officer, will also remain in place.
In an analyst note, UBS said the announcement did not foreshadow negative developments for the company’s advice and wealth management business because of the continuity of leadership in place at the firm.
“We feel this continuity in terms of management of A&WM is important, and to us, also does not suggest any material changes in the segment's overall prospects on a go-forward basis,” the note said.
Prior to joining Ameriprise, Froude served as managing director and head of U.S. distribution for Legg Mason. Before that, he did intermediary distribution for Columbia Management.
