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Money Management

AMG’s assets up 4% for quarter; firm sees $1 billion in inflows

Sean Healey

Affiliated Managers Group reported assets under management of $836.3 billion as of Dec. 31, up 4.1% from three months earlier and up 21.4% from a year earlier, the company said in its earnings statement Monday.

Net inflows for the quarter were $1 billion, compared to net inflows of $3.1 billion for the third quarter of 2017 and net outflows of $4.1 billion for the fourth quarter of 2016.

AMG Chairman and CEO Sean M. Healey, in the firm's earnings release, attributed the AUM growth to "the long-term investment outperformance of (the firm's) alpha-generating affiliates and the strong execution of (its) growth strategy."

By asset class, 38.7% ($324 billion) of the assets under management were in alternatives, 35.1% ($293.4 billion) were in global equities, 13.9% ($116.1 billion) were in U.S. equities, and 12.3% ($102.8 billion) were in multiasset and other asset classes.

The company's institutional AUM totaled $488.6 billion, up 3.8% from Sept. 30 and up 21.8% from the same time a year ago. Mutual fund assets, meanwhile, totaled $232.7 billion as of Dec. 31, up 5% from three months earlier and up 23.6% from Dec. 31, 2016. The remaining assets are from high-net-worth clients.

Revenue for the quarter ended Sept. 30 was $604.1 million, up 3.1% from the previous quarter and up 9.8% from the year-earlier quarter.

For the fourth quarter of 2017, net income was $315.4 million, compared to $125.4 million for the third quarter and net income of $150.2 million for the same period of 2016.