Affiliated Managers Group reported total assets under management of $620.2 billion as of Dec. 31, up 3.5% from three months earlier and up 15.4% from a year earlier, the company said in its earnings statement Tuesday.
The company's institutional AUM totaled $355.6 billion, up 3% from Sept. 30 and up 18% from Dec. 31, 2013. Mutual fund AUM, meanwhile, totaled $188.4 billion as of Dec. 31, up 5% from three months earlier and up 11% from a year earlier.
Net inflows for the fourth quarter were $2.6 billion, compared to net inflows of $5 billion for the third quarter and net inflows of $5.5 billion for the fourth quarter of 2013.
“The addition of four new affiliates during the year, along with our additional investment in AQR (Capital Management), demonstrates the ongoing success of our strategy to partner with the highest-quality boutiques worldwide and meaningfully enhances the earnings power of our business,” said Sean M. Healey, chairman and CEO of AMG, in the earnings statement.
Mr. Healey added: “Our global distribution strategy has now generated strong organic growth from net client cash flows into actively managed products for 19 consecutive quarters.”
Revenue for the quarter ended Dec. 31 was $641.2 million, flat from the previous quarter and up 8% from the same quarter a year earlier.
AMG reported net income of $172.6 million for the fourth quarter, up 10% from the third quarter and up 9% from the year-earlier period.