July 24 (Reuters) - Asset and wealth manager Ameriprise Financial AMP.N reported a 28% rise in its second-quarter profit on Thursday, as a late-quarter market rally boosted the value of its fee-generating assets to a record high.

After a turbulent start to the quarter because of U.S. President Donald Trump's shifting tariffs, the markets regained poise on hopes of a softer trade policy and positive macroeconomic data.

Ameriprise's assets under management, administration and advisement came in at $1.58 trillion during the three months ended June 30, up 9% from a year ago.

"While markets were volatile in the quarter, client activity remained strong," chairman and CEO Jim Cracchiolo said in a statement.

Assets under management and the fees earned by managers depend on two factors - money flowing in and out of the funds and the performance of investments.

Ameriprise's management and financial advice fees rose 6% to $2.6 billion during the second quarter, while its net investment income dropped 3% to $891 million.

Total client assets at its advice and wealth management business, which primarily targets high net-worth households with $500,000 to $5 million in investable assets, grew to $1.08 billion from $972 million a year earlier.

However, the unit posted a 35% fall in quarterly net flows.

Rival BlackRock BLK.N also reported a fall in long-term net inflows last week, after a major Asian institutional client pulled money from an index strategy.

Ameriprise's second-quarter profit rose to $1.06 billion, or $10.73 per share, compared with $829 million, or $8.02, a year earlier.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Shreya Biswas)

((Ateev.Bhandari@thomsonreuters.com;))