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Money Management

AMG’s assets up 4.1% for quarter; firm sees $3.1 billion in inflows

Affiliated Managers Group reported total assets under management of $803.7 billion as of Sept. 30, up 4.1% from three months earlier and up 19.5% from a year earlier, the company said in its earnings statement Monday.

Net inflows were $3.1 billion for the second quarter, compared to net inflows of $1.8 billion for the second quarter and net inflows of $5.8 billion for the third quarter of 2016.

In the earnings statement, AMG Chairman and CEO Sean M. Healey said the firm's positive net client cash flows were "driven by strong demand for our affiliates' alternative strategies."

Mr. Healey added: "Looking ahead, we are well-positioned to continue to generate strong long-term earnings growth through accretive investments in … new affiliates, while also consistently returning capital to shareholders through our quarterly cash dividend and share repurchases."

The quarter's inflows were driven by $10.3 billion in net inflows to alternatives and $600 million into multiasset class and other investments. These were partially offset by net outflows of $4.6 billion from global equities and net outflows of $3.2 billion from U.S. equities.

The company's institutional AUM totaled $470.9 billion as of Sept. 30, up 3% from June 30 and up 22.8% from Sept. 30, 2016. Mutual fund assets under management, meanwhile, totaled $221.7 billion as of Sept. 30, up 7% from three months earlier and up 15.3% from 12 months earlier. The remaining assets are from high-net-worth clients.

Revenue for the quarter was $585.7 million, up 2.3% from the previous quarter and up 7.5% from the same period in 2016. Net income was $125.4 million for the third quarter, down 0.7% from the previous quarter but up 13.8% from the year-earlier quarter.