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AMG’s assets grow 2% in quarter despite $4.1 billion in net outflows

Affiliated Managers Group reported total assets under management of $688.7 billion as of Dec. 31, up 2.4% from three months earlier and up 12.7% from a year earlier, the company said in its earnings statement Monday.

The company's institutional AUM totaled $401.2 billion, up 4.6% from Sept. 30 and up 15.5% from the same time a year ago. Mutual fund AUM, meanwhile, totaled $188.3 billion as of Dec. 31, down 2.1% from three months earlier but up 7.1% from 12 months earlier. The remaining assets are from high-net-worth clients.

Net outflows for the fourth quarter were $4.1 billion, vs. net inflows of $5.8 billion for the third quarter and net outflows of $6.8 billion for the fourth quarter of 2015.

“While we saw modest outflows in the fourth quarter, driven in large part by anticipated seasonal client redemptions and realization activity in private equity and similar strategies, our affiliates generated positive net client cash flows of $7.4 billion for the full year across our diverse active equity and alternative product set, notwithstanding industrywide net outflows in alpha-oriented product areas,” said Sean M. Healey, chairman and CEO of AMG, in the firm's earnings release.

AMG add a number of new affiliates in 2016, including Winton Capital Group, Capula Investment Management and Baring Private Equity Asia.

Revenue for the quarter ended Sept. 30 was $550.3 million, up 1% from the previous quarter but down 6.7% from the quarter ended Dec. 31, 2015.

On a GAAP net income basis, AMG reported $150.2 million for the quarter, up 37.5% from the previous quarter and up 1.8% from the quarter ended Dec. 31, 2015.