Affiliated Managers Group's money management subsidiaries had combined client assets of $208 billion as of Dec. 31, up 4.4% from the prior quarter and 22% higher than the year before, according to the company's latest earnings release.
Separately, AMG today announced an agreement, in conjunction with the management of Artemis Investment Management, to acquire 100% of that U.K.-based money manager's equity from BNP Paribas Group subsidiary Fortis Bank.
In a conference call, AMG executives said AMG will own a majority stake, with Artemis' management team acquiring a substantial ownership stake as well. AMG spokeswoman Laura O'Brien said further terms of the deal weren't disclosed.
With the pending acquisitions of Artemis and Aston Asset Management, announced in mid-December, AMG said its client assets under management as of Dec. 31 would come to $231 billion. Artemis has roughly $16 billion under management.
Ms. O'Brien said the acquisitions of both Artemis and Aston should be completed by the second quarter.
For the latest quarter, AMG reported net client outflows of $780 million, with $708 million of that coming out of affiliated mutual fund products. However, market-related gains of $9.5 billion for the quarter more than offset those outflows.
For 2009, net outflows of $7.8 billion were offset by $49.3 billion of market-related gains and $5.6 billion in assets from firms whose acquisitions were finalized during the calendar year.
For the latest quarter, AMG's net income came to $24.6 million, up 38% from the prior quarter. For the year-earlier quarter, AMG reported a net loss of $83.7 million.
Revenues for the three months ended Dec. 31 came to $223.4 million, up 2.7% from the prior quarter but down 8.7% from the year before.
In the conference call, President and CEO Sean M. Healey said new acquisitions should play an important role in AMG's earnings growth over the coming year, with an increasingly attractive pipeline of potential deals.
