Affiliated Managers Group reported total assets under management of about $606.8 billion as of June 30, up 9% from three months earlier and up 29.2% from a year earlier, the company said in its earning statement released Tuesday.
Those figures do not include assets of Veritas Asset Management; AMG is taking a majority interest in Veritas but the deal has not yet closed. If the Veritas assets are included for the past two quarters, AMG's assets under management as of June 30 were about $625 billion, up 5.2% from three months earlier and up 33.1% from a year earlier, the company said.
The company's institutional AUM, which does not include assets held by Veritas, totaled $344.3 billion, up 10.7% from the previous quarter and up 28.7% from the year-earlier quarter. Mutual fund AUM, meanwhile, totaled $185.4 billion as of June 30, up 6.1% from March 31 and up 29.8% from June 30, 2013.
Net inflows for the second quarter of 2014 were $6.9 billion, compared to net inflows of $7 billion for the first quarter. Net inflows for the second quarter of 2013 were $13.2 billion.
Revenue for the quarter ended June 30 was $636.3 million, up 7.4% from the previous quarter and 17.7% higher than the quarter ended June 30, 2013.
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 $149.8 million for the second quarter of 2014, up 8.6% from the first quarter and up 23.7% from the second quarter of 2013.