Affiliated Managers Group reported second-quarter assets under management of $173.8 billion, up 13.7% from the previous quarter but down 28.1% from a year ago.
The holding company reported $111.9 billion in institutional client assets, a 13.7% jump from the prior quarter but down 29.5% from a year earlier, according to a news release. Mutual fund assets totaled $35.2 billion, up 15% from the prior quarter and off 35.6% from the year before. High-net-worth assets totaled $26.7 billion, climbing 11.7% from the prior quarter and falling 6% from the year before.
Net client outflows of $1.6 billion were reported in the three months ended June 30. Of that, institutional clients accounted for $377 million; mutual funds, $1.1 billion; and high net worth, $108 million.
“AMG’s results reflect a strong quarter in the equity markets, and we remain confident in our forward growth prospects as the environment improves,” said Sean M. Healey, company president and CEO, in a statement.
But, he added, “Despite this strong performance, continued alternative outflows offset positive flows into our affiliates’ traditional products.” Net income for the second quarter was $11 million, up 80.3% from the first quarter but down 68.2% from a year ago. Second-quarter revenue totaled $201.2 million, up 12.7% from the first quarter but down 34.9% from a year ago.