Affiliated Managers Group reported $327.5 billion in combined assets under management for its money manager affiliates as of Dec. 31, up 7.1% from the prior quarter and 2.3% higher than the year before.
The holding company reported net inflows of $4.1 billion for the quarter, down slightly from $4.9 billion for the prior quarter and $4.7 billion for the year-earlier quarter.
The bulk of those flows — $3.1 billion — came from institutional clients, with mutual fund flows coming to roughly $660 million and flows from high-net-worth investors amounting to roughly $300 million.
Market-related gains came to $17.5 billion as equity markets rebounded, partially clawing back declines of $47.4 billion in the prior quarter.
For the calendar year, AMG reported net inflows of $23 billion, which more than offset market-related declines of $15.3 billion.
In a news release, Sean M. Healey, AMG chairman and CEO, said AMG's strategy of building out its global distribution platform helped the company mark its seventh consecutive quarter of “strong positive net client flows.” He said AMG remains in the hunt to acquire new money manager affiliates that could “materially enhance our earnings growth.”
For the latest quarter, AMG reported net income of $40.3 million, up slightly from $40.1 million in the prior quarter but down 35% from the year before. Revenues came to $402.4 million, down 2.8% from the prior quarter and off 4.4% from the year before.