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Money Management

AMG’s assets slightly dip in first quarter after recording net outflows

Affiliated Managers Group on Monday reported $830.9 billion in assets under management at the end of the first quarter, down 0.6% from the end of 2017 but up 10.3% from March 31, 2017.

First-quarter net outflows were $1.9 billion, according to AMG's quarterly earnings statement, vs. net inflows of $1 billion in the previous quarter and net outflows of $1.3 billion in the year-earlier quarter.

Institutional net outflows for the quarter were $6 billion, while net inflows of $3.4 billion went into mutual funds and $700 million went into high-net-worth assets.

"Strong inflows across our liquid and illiquid alternative strategies were offset by equity outflows from institutional clients," Sean Healey, chairman and CEO, said in the earnings release.

Overall, global equities saw $4.8 billion in net outflows for the first quarter and U.S. equities had net outflows of $3 billion, while net inflows into alternatives and multiasset totaled $5.6 billion and $300 million, respectively.

In the fourth quarter, U.S. equities had net outflows of $1.6 billion, while net inflows were reported in alternatives at $1.1 billion; multiasset, $1.3 billion; and global equities, $200 million. In the first quarter 2017, net inflows of $4.2 billion into alternatives and $200 million into multiasset were more than offset by net outflows of $4.6 billion from U.S. equities and $1.1 billion from global equities.

Institutional AUM totaled $481 billion, down 1.6% from Dec. 31 but up 8.1% from a year ago. Mutual fund assets were $235.2 billion, up 8.8% from three months earlier and 25.6% higher than the end of the first quarter 2017. Remaining assets are for high-net-worth clients.

By asset class, $329 billion of under management as of March 31 were in alternatives, $286.9 billion in global equities, $112.4 billion in U.S. equities and $102.3 billion in multiasset and other asset classes.

First-quarter revenue was $612.4 million, up 1.4% from the fourth quarter and up 12.5% from the year-earlier quarter. Net income was $153 million, vs. $315.4 million in the last quarter of 2017 and $122.5 million in last year's first quarter.