Affiliated Managers Group on Tuesday reported assets under management of $320 billion as of Dec. 31, up 14% from the prior quarter and up 54% from the year before.
The Boston-based holding company reported net inflows of $4.7 billion for the quarter, with $3.2 billion from institutional investors, $849 million from retail investors and $608 million from high-net-worth investors.
Also adding to the firm's AUM totals were $21 billion in market-related gains and $15.1 billion managed by Trilogy Global Advisors, the emerging markets and global strategy firm in which AMG bought a majority stake during the quarter.
In a conference call, Sean D. Healey, the firm's chairman and CEO, said with many of AMG's affiliates focused on sought-after market segments, including emerging markets equities, global equities and alternatives, the group is poised to benefit from the growing risk appetite of investors.
AMG reported net income of $62 million, up 82% from the prior quarter and up 152% from the year before. Revenues for the latest quarter came to $420.8 million, up 65% from the prior quarter and up 72% from the year before.
Separately, Darrell W. Crate will retire as AMG's executive vice president and CFO at the time of the company's annual meeting in May. He is leaving AMG to launch Easterly Capital, a private equity firm that invests in “innovative early-stage business concepts,” according to a news release from AMG. He will become president of Easterly but will continue to serve AMG in a senior advisory role.
Jay C. Horgen, executive vice president, new investments, will assume Mr. Crate's CFO title and responsibilities and keep his old title.
Nathaniel Dalton, the company's COO, will take on the additional title of president. Mr. Healey was president and CEO until Jan. 1, when he succeeded William J. Nutt, who retired, as chairman, becoming chairman and CEO.
John Kingston, AMG's general counsel, will also take on the title of vice chairman, a new position overseeing risk management and controls for AMG's operations globally.