OM Asset Management reported $220.8 billion in assets under management as of Dec. 31, up 3.3% from Sept. 30 and up 11.1% from Dec. 31, 2013, said the company's fourth-quarter earnings statement released Friday.
The quarterly increase in AUM reflected net market appreciation of $3.2 billion plus net inflows of $3.8 billion. The increase in assets during the 12 months ended Dec. 31 reflected net market appreciation of $12.9 billion combined with net inflows of $9.5 billion, offset by a $400 million strategy exit with one affiliate. Net inflows for the quarter were up from net inflows of $3.1 billion for the three months ended Sept. 30 and net inflows of $3.3 billion for the quarter ended Dec. 31, 2013.
Broken down by asset class, 40% of OM Asset Management's AUM was in U.S. equity, 15% alternatives, 14% each non-U.S. equities and global equities, 10% emerging markets equities and 7% fixed income.
Peter Bain, president and CEO of OM Asset Management, said in a telephone interview that “there are a couple of core drivers” to the firm's inflows. “The first is, we are an active multiboutique firm, and our affiliates are delivering good performance. The second driver is that we're in good asset classes, particularly non-U.S. equity, global equity, emerging markets and alternatives.”
Net revenue for the fourth quarter was $184.4 million, up 16% from the third quarter and up 26.3% from the fourth quarter of 2013. Net income for the fourth quarter, meanwhile, was $47 million, up 25% from the third quarter and up 43.3% from the same period a year prior.