Oct 23 (Reuters) - U.S. financial adviser firm

Ameriprise Financial ( AMP ) reported a 11% rise in

third-quarter profit on Wednesday, as a market rally boosted the

value of its client's assets, helping the firm earn more in fee

income.

The U.S. markets have been rallying in hopes that last

month's Federal Reserve rate cut will ease the pressure on the

economy and encourage more investors to move towards several

market funds.

Ameriprise's assets under management and administration came

in at $1.5 trillion in the quarter, a 22% jump from last year,

driven by strong client net inflows and market appreciation.

The Minneapolis, Minnesota-based firm's management and

financial advice fees jumped 12.5% to $2.57 billion, while net

investment income surged 15.5% to $934 million.

Adjusted operating earnings rose to $828 million, or $8.10

per share, in the quarter ended Sept. 30, from $745 million, or

$6.96 per share, a year earlier.