Affiliated Managers Group reported combined assets under management of $199.3 billion for its money management subsidiaries as of Sept. 30, up 15% from the previous quarter but down 3.9% from the year before.
Net client outflows in the third quarter totaled $1.1 billion, which Sean M. Healey, the firm’s president and CEO, attributed to a decision by one large institutional client — an Australian government entity — to move asset management in-house. An AMG spokeswoman declined to name the client. Otherwise, AMG had positive inflows for all distribution channels, Mr. Healey said in a news release.
Institutional client assets came to $127.4 billion as of Sept. 30, up 14% from the prior quarter despite net third-quarter outflows of $1.2 billion, but down 6.3% from the year before.
The company had $43.1 billion in mutual fund assets, up 23% from the year before — with net third-quarter inflows of $4 million — but down 6.3% from the year before. High-net-worth assets came to $28.8 billion, up 7.9% from the prior quarter helped by net third-quarter inflows of $121 million, and up 14% from the year before.
AMG reported net income of $17.8 million for the latest quarter, up 62% from the prior quarter and up 7.9% from the year before. Revenues came to $217.5 million, up 8.1% from the second quarter but down 25% from the year before.