Affiliated Managers Group reported total assets under management of $642.7 billion as of June 30, up 1.7% from three months earlier and up 5.9% from a year earlier, the company said in its earnings statement Tuesday.
The company's institutional AUM totaled $366.6 billion, up 1.8% from March 31 and up 6.5% from June 30, 2014. Mutual fund AUM, meanwhile, totaled $191.9 billion as of June 30, down 1% from three months earlier but up 3.5 % from a year earlier. The remaining AUM is from high-net-worth clients.
Net inflows for the quarter were $4.1 billion, compared with net inflows of $5.3 billion for the first quarter and net inflows of $6.9 billion for the second quarter of 2014.
“We have generated strong organic growth from positive client cash flows for 21 consecutive quarters … which is particularly notable given the muted investor risk appetite observed by the broader industry,” said Sean M. Healey, chairman and CEO of AMG, in the earnings statement.
Mr. Healey added: “We see ongoing opportunities to win new business across a broad range of geographies and channels.”
Revenue for the quarter ended June 30 was $646.6 million, up 1.8% from the previous quarter and up 1.6% from the year-earlier quarter.
AMG reported “economic net income,” a non-GAAP metric, which it defines as net income plus amortization, deferred taxes related to intangible assets and other affiliate-related expenses, of $171.4 million for the second quarter, up 5.7% from the first quarter and up 14.4% from the second quarter of 2014. On a net income basis, AMG reported $128.7 million in the quarter, compared with $99.1 million for the same period of 2014.