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Money Management

AMG’s assets climb 2.5% in quarter, net inflows total $1.8 billion

AMG Chairman and CEO Sean M. Healey

Affiliated Managers Group reported total assets under management of $772.1 billion as of June 30, up 2.5% from three months earlier and up 19.2% from a year earlier, the company said in its earnings statement Monday.

In the earnings statement, AMG Chairman and CEO Sean M. Healey attributed the annual growth in AUM to "consistent alpha generation by our affiliates, positive organic growth from net flows and the continued success of our strategy to partner with the leading boutique firms worldwide."

Net inflows were $1.8 billion for the first quarter, vs. net outflows of $1.3 billion for the first quarter and net inflows of $600 million for the second quarter of 2016.

The quarter's outflows were driven by $4.7 billion in inflows to alternatives, $200 million into global equities and $100 million into multiasset class and other investments. These were partially offset by net outflows of $3.2 billion from U.S. equities.

The company's institutional AUM totaled $457.4 billion as of June 30, up 2.8% from March 31 and up 23.7% from the same time a year earlier. Mutual fund AUM, meanwhile, totaled $207.1 billion as of June 30, up 2.7% from three months earlier and up 12.2% from 12 months earlier. The remaining assets are from high-net-worth clients.

Revenue for the quarter was $570.9 million, up 5% from the previous quarter and up 3% from the same period of 2016. Net income, meanwhile, was $126.3 million for the second quarter of 2017, up 3.1% from the previous quarter and up 16.6% from the year-over-year quarter.