Updated with correction
Affiliated Managers Group reported assets under management of $152.9 billion as of March 31, down 10% from the prior quarter and 37% less than the year before.
The holding company said its money management boutiques saw net client outflows of $4.4 billion during the quarter. Institutional client outflows came to $2.6 billion, with another $1.2 billion of mutual fund outflows and high-net-worth client outflows of $600 million.
Market-related declines shaved another $10.2 billion from AUM during the quarter, with another drop of $2.6 billion attributable to product closings, the company said.
AMG reported $98.4 billion in institutional client assets, down 10% from the prior quarter and down 38% from the year before. Mutual fund assets, meanwhile, came to $30.6 billion, down 12% from the prior quarter and off 45% from the year before. High-net-worth assets totaled $23.9 billion, down 8% from the prior quarter and down 16% from the year before.
The company reported net income for the latest quarter of $6.1 million, down 74% from the prior quarter and off 80% from the year before. Revenues, meanwhile, came to $178.5 million, down 20% from the prior quarter and down 47% from the year before.
”While continued industrywide risk aversion impacted our net client cash flows during the quarter, we are confident that as investors reallocate to equity and return-oriented products, we are poised for strong organic growth,” Sean M. Healey, AMG’s president and CEO, said in a news release. He said AMG remains well placed to take advantage of industry upheaval to make new investments in asset management boutiques.