Affiliated Managers Group on Tuesday reported record assets under management of $363.9 billion as of March 31, up 11% from the prior quarter and up 7% from the year before.
On a pro-forma basis, with the addition of another $28 billion from two recently announced acquisitions that have yet to close — value equity manager Yacktman Asset Management, with $17 billion in assets and Veritable LP, a wealth manager with $11 billion in high-net-worth assets — AMG's AUM would come to roughly $392 billion, according to a company news release.
The $36.4 billion rise in AUM for the latest quarter was composed of net inflows of $7.1 billion and market-related gains of $29.3 billion.
Those net inflows were up from net inflows of $4.1 billion for the prior quarter and $6.5 billion for the year-earlier quarter.
By client type, institutional investors continued to account for the bulk of the inflows enjoyed by AMG's more than 20 money management subsidiaries, with $5 billion of the total. Retail clients, meanwhile, contributed $1.4 billion and high-net-worth investors the remaining $700 million.
AMG noted that retail clients accounted for 42% of the company's revenue but only 32% of its earnings before interest, taxes, depreciation and amortization. Institutional clients contributed 50% of AMG's revenue and 59% of its EBITDA, while the corresponding figures for high-net-worth investors were 8% and 9%, respectively.
For the latest quarter, net income (controlling interest) came to $37.4 million, down 7.2% from the prior quarter and off 4.3% from the year before.
Revenue came to $417.7 million, up 3.8% from the prior quarter but down 2% from the year before.