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February 04, 2014 12:00 AM

AMG's assets up 7% in quarter, 26% in 2013

James Comtois
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    The aggregate assets under management of Affiliated Managers Group's affiliated investment management firms were about $544 billion as of Dec. 31, up 7% from three months earlier and up 26% from the year before, the company said in its earnings statement released Tuesday.

    The total AUM includes the firm's pending acquisition of SouthernSun Asset Management, which adds $13 billion in assets.

    Not including the assets obtained through the SouthernSun investment, AMG's institutional AUM totaled $300.6 billion as of Dec. 31, a 5% increase from three months earlier and 18% above a year earlier. Mutual fund assets totaled $169.4 billion, up 9% from Sept. 30 and 39% higher than a year earlier.

    Net client cash inflows for the fourth quarter of 2013 were $5.5 billion, compared to net inflows of $10.1 billion for the third quarter. Net inflows for the fourth quarter of 2012 were $5.1 billion.

    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 $202.9 million for the fourth quarter, up 67% from the third quarter and up 49% from the fourth quarter of 2012.

    Revenue in the latest quarter came to $594 million, up 8% from the prior quarter and 21% higher than the quarter ended Dec. 31, 2012.

    Christopher Shutler of William Blair & Co. wrote in a note that his firm's bullish call on AMG was due in part to the money manager “being in the right asset classes at the right time (and) its collection of boutique affiliates with excellent long-term investment track records and strong flows.”

    Mr. Shutler also praised AMG's hands-off management approach and its ability to grow AUM through flows, investment performance and accretive acquisitions.

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