Affiliated Managers Group reported $305.9 billion in combined assets under management for its money manager affiliates as of Sept. 30, down 12.2% from the prior quarter but up 9.4% from the year before.
For the quarter, market-related declines of $47.4 billion were partly offset by net inflows of $4.9 billion. On an earnings conference call to discuss AMG’s latest results Tuesday, Sean M. Healey, the company’s chairman and CEO, said those inflows counted as “outstanding organic growth” in a highly volatile market environment.
AMG had reported record net inflows of $7.5 billion for the previous quarter ended June 30 and net inflows of $5.5 billion for the year-earlier quarter.
For the quarter ended Sept. 30, AMG reported net mutual fund inflows of $2.9 billion, followed by institutional inflows of $1.7 billion and more than $250 million in high-net-worth inflows.
On the conference call, Mr. Healey noted that global and emerging markets equity strategies offered by AMG affiliates enjoyed net inflows even as benchmark indexes for those market segments suffered declines of roughly 20% — a possible sign that institutional investors were seeing those declines as an opportunity to boost allocations at attractive levels. He noted that U.S. equity offerings likewise pulled in net inflows, even as broader industry trends for that market segment showed outflows.
For the latest quarter, AMG reported net income of $40.1 million, down 12% from the prior quarter but up 18% from the year before. Revenues came to $413.8 million, down 11% from the prior quarter but up 17% from the year before.