Affiliated Managers Group reported total assets under management of $672.4 billion as of Sept. 30, up 3.8% from three months earlier and up 13.2% from a year earlier, the company said in its earnings statement Monday.
The company's institutional AUM totaled $383.5 billion, up 3.8% from June 30 and up 13.7% from the same time a year ago. Mutual fund AUM, meanwhile, totaled $192.3 billion as of Sept. 30, up 4.2% from three months earlier and up 9.2% from 12 months earlier. The remaining assets are from high-net-worth clients.
Net inflows for the third quarter were $5.8 billion, vs. net inflows of $600 million for the second quarter and net outflows of $5.1 billion for the third quarter of 2015.
“Despite muted industry demand for actively managed strategies overall in the third quarter, AMG generated positive net client cash flows,” said Sean M. Healey, chairman and CEO of AMG in the firm's earnings release.
Mr. Healey added: “We continue to have a unique opportunity to partner with the best alpha-generating firms around the world. We are confident in our ability to generate meaningful earnings growth through accretive new investments in outstanding new affiliates.”
Revenue for the quarter ended Sept. 30 was $544.7 million, down 1.7% from the previous quarter and down 11.2% from the quarter ended Sept. 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 $164.5 million, down 1.2% from the previous quarter but up 2.9% from the same quarter a year earlier.
On a GAAP net income basis, AMG reported $109.2 million for the quarter, up 1.7% from the previous quarter and up 1.4% from the quarter ended Sept. 30, 2015.