Updated with correction
Affiliated Managers Group reported total assets under management of $647.6 billion as of June 30, up 1% from both three months earlier and a year earlier, the company said in its earnings statement Monday.
The company's institutional AUM totaled $369.6 billion, flat from March 31 and up 1% from June 30, 2015. Mutual fund AUM, meanwhile, totaled $184.5 billion as of June 30, up 1.5% from three months earlier but down 4% from a year earlier. The remaining assets are from high-net-worth clients.
“In a quarter marked by macro uncertainty, our results reflect the quality of our affiliates and their strong relative investment performance, as well as the ongoing success of our strategy to partner with the highest-quality boutiques worldwide, including the addition of Capula Investment Management and Winton Capital Group,” said Sean M. Healey, chairman and CEO of AMG in the firm's earnings release.
Mr. Healey added: “Against the backdrop of industrywide risk aversion, especially in the aftermath of the 'Brexit' referendum, AMG generated positive net client cash flows … across our actively managed product set in the second quarter.”
Net inflows for the second quarter of 2016 were $600 million, vs. net inflows of $5.1 billion for the first quarter and net inflows of $4.1 billion for the second quarter of 2015.
Revenue for the quarter ended June 30 was $554.1 million, up 1.6% from the previous quarter but down 14.3% from quarter ended June 30, 2015.
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 $166.5 million, up 4% from the previous quarter but down 3% from the same quarter a year earlier.
On a net income basis, AMG reported $107.4 million for the quarter, up 2.8% from the previous quarter but down 16.6% from the quarter ended June 30, 2015.
