Affiliated Managers Group reported total assets under management of $642 billion as of March 31, up 5% from three months earlier and up 1.6% from a year earlier, the company said in its earnings statement Tuesday.
The company's institutional AUM totaled $369.5 billion, up 6.3% from Dec. 31 and up 2.6% from March 31, 2015. Mutual fund AUM, meanwhile, totaled $181.7 billion as of March 31, up 3.4% from three months earlier but down 6.2% from a year earlier. The remaining AUM is from high-net-worth clients.
Net inflows for the first quarter of 2016 were $5.1 billion, vs. net outflows of $6.84 billion for the quarter ended Dec. 31 and net inflows of $5.3 billion for the quarter ended March 31, 2015.
Revenue for the quarter ended March 31 was $545.4 million, down 7.5% from the previous quarter and down 14% 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 $159.9 million, down 18.8% from the previous quarter and down 1.4% from the same quarter a year earlier.
On a net income basis, AMG reported $104.5 million for the quarter, down 30.3% from the previous quarter and down 18.4% from the quarter ended March 31, 2015.