Affiliated Managers Group on Tuesday reported $279.7 billion in assets under management as of Sept. 30, up 12% from the prior quarter and up 40% from the year before.
The holding company’s investments in new money management affiliates over the past 12 months added $50 billion to its AUM tally.
For the latest quarter, AMG’s investment boutiques enjoyed net inflows of $5.5 billion, up from $283 million of inflows for the prior quarter. The company saw net outflows of $1.1 billion during the year-earlier quarter.
Institutional investors accounted for the bulk of the group’s net inflows, at $4.2 billion, while mutual funds managed by AMG’s affiliates netted $1.1 billion and high-net-worth investor-focused products attracted $195 million.
Net income for the latest quarter came to $34 million, up 35% from the prior quarter and up 91% from the year before. Revenue, meanwhile, came to $354.4 million, up 6.7% from the prior quarter and up 63% from the year before.
The company also announced that Sean M. Healey, AMG’s president and CEO, will succeed founder William J. Nutt as chairman, effective Jan. 1. Mr. Nutt will remain on AMG’s board of directors. Mr. Healey will become chairman and CEO, while dropping the title of president.
Separately, Waddell & Reed reported record assets under management of $76 billion as of Sept. 30, up 11% from the prior quarter and 18% from the year before.
The firm’s earnings release for the latest quarter showed net inflows of $658 million, down from $731 million for the prior quarter and $2.4 billion for the year-earlier quarter. Waddell & Reed enjoyed market-related gains of $7 billion for the three months ended Sept. 30.
Net income came to $40.5 million, up 18% from the prior quarter and 21% from the year before. Total operating revenue amounted to $254.8 million, down 0.9% from the prior quarter but up 17% from the year before.