AMG assets under management up 8.2% for quarter, 36% for year

Affiliated Managers Group reported combined assets under management of $416.1 billion as of Sept. 30, up 8.2% from the previous quarter and up 36% from a year earlier.

Market gains contributed $21 billion to the increase. Net inflows for the quarter totaled $10.9 billion, with client cash inflows of $24.8 billion, which more than offset $13.9 billion in outflows.

Sean M. Healey, chairman and CEO, in a news release attributed the strong inflows to “ongoing demand from global institutional clients for differentiated global and emerging markets equity and alternative products, which generate approximately 70% of our earnings.”

Revenue totaled $467.3 million in the third quarter, up 8.8% from the previous quarter and up 12.9% from a year earlier.

Net income for the third quarter totaled $54.9 million up 732% from the previous quarter when a “valuation adjustment of a non-amortizing intangible asset at a single affiliate” contributed to a net income of only $6.6 million, and up 14.8% from a year earlier.