Affiliated Managers Group had combined assets under management of $462.5 billion for its money management affiliates as of March 31, up 7.1% from the prior quarter and 27.1% higher than the year before, the holding company said in an earnings statement Tuesday.
The company's institutional AUM totaled $268.5 billion, a 5.6% increase from three months earlier and 17.9% above a year earlier. Mutual fund AUM totaled $134.7 billion, up 10.5% from the prior quarter and 41.5% higher from the first quarter 2012.
For the latest period, AMG reported record net inflows of $12 billion and $19.4 billion in market gains. The company reported $5.07 billion in net inflows in the third quarter.
AMG reported “economic net income,” which it defines as net income plus amortization, deferred taxes related to intangible assets and other affiliate-related expenses, of $124.2 million for the first quarter, down 9% from the fourth quarter and up 48.7% from the first quarter of 2012.
Revenue in the latest quarter came to $502.2 million, up 2.3% from the prior quarter and 20.2% higher than the quarter ended March 31, 2012.
