(Reuters) - Ameriprise Financial ( AMP ) reported a 24% rise in fourth-quarter profit on Wednesday, driven by a higher fee income as the value of its clients' assets increased due to a market rally.

The U.S. markets rallied on Federal Reserve's interest rate cuts and they were further boosted by business-friendly comments from President Donald Trump, who is expected to ease regulations.

Ameriprise's assets under management and administration came in at $1.52 trillion in the quarter, a 10% jump from last year.

The Minneapolis, Minnesota-based firm's management and financial advice fees jumped 19% to $2.72 billion, while net investment income rose 0.5% to $892 million.

Adjusted operating earnings rose to $947 million, or $9.36 per share, in the quarter ended Dec. 31, from $761 million, or $7.20 per share, a year earlier.