OM Asset Management reported $224 billion in assets under management as of March 31, up 1.4% from Dec. 31 and up 10.3% from a year earlier, said the firm's earnings statement released Thursday.
The firm attributed the increase in AUM to market appreciation partially offset by net outflows.
OMAM experienced net outflows of $200 million for the three months ended March 31, compared to net inflows of $3.8 billion for the three months ended Dec. 31 and net outflows of $1 billion for the three months ended March 31, 2014.
Broken down by strategy, OMAM's total U.S. equities AUM was $85.5 billion as of March 31, down 2% from Dec. 31 but up 4% from March 31, 2014; total global equities was $88.1 billion, up 5% from three months earlier and up 16.2% from a year earlier. Alternative investments, meanwhile, were $35.1 billion, up 2.3% from Dec. 31 and up 13% from March 31, 2014; fixed income was $15.3 billion, a 0.7% bump up from the end of the prior quarter and a 9.3% rise from the end of the year-earlier quarter.
“We currently are assisting several affiliates to develop new investment strategies in areas such as multiasset-class solutions, global timber, non-U.S. and emerging markets equities and liability-driven investments,” OMAM president and CEO Peter L. Bain said in the earnings statement.
Mr. Bain added: “We are actively meeting and developing relationships with a wide range of asset management boutiques whose executives are interested in partnering with a firm that enables them to retain equity ownership and economic incentives to grow their businesses, while providing the resources and support to diversify and enhance their firms for the long term.”
Net income for the company was $37.3 million for the third quarter, down 20.6% from the previous quarter but up 14.8% from the same quarter a year ago. Net revenue, meanwhile, was $163.3 million for the quarter ended March 31, down 11.4% from the prior quarter but up 15.4% from the year-earlier quarter.