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Money Management

Affiliated Managers Group’s AUM inches up in quarter, rises 3.3% for year

Affiliated Managers Group on Monday reported $830 billion in assets under management as of Sept. 30, up 0.7% from June 30 and 3.3% higher than Sept. 30, 2017.

Third-quarter net inflows totaled $900 million, according to AMG's quarterly earnings statement, vs. net inflows of $4.3 billion in the second quarter and net inflows of $3.1 billion in the third quarter of 2017.

Institutional net inflows for the quarter were $5.7 billion; another $100 million in net inflows came from high-net-worth clients. Net outflows of $4.9 billion came from mutual funds.

Nathaniel Dalton, AMG president and CEO, said in a news release that overall net inflows "were driven by strong demand for alternative strategies from institutions around the world, partially offset by net outflows in equities."

Overall, alternatives saw net inflows of $4.5 billion in the latest quarter, vs. net inflows of $2.6 billion in the previous quarter and net inflows of net inflows of $10.3 billion in the year-earlier quarter. Multiasset and other strategies had net inflows of $100 million for the third quarter, compared to net inflows of $200 million and net inflows of $600 million in the second quarter and third quarter of 2017, respectively.

Global and U.S. equities saw net outflows in the third quarter of $2 billion and $1.7 billion, respectively. Global equity had net inflows of $1.9 billion in the previous quarter and net outflows of $4.6 billion in the year-earlier quarter, while U.S. equities had net outflows of $400 million in the second quarter and $3.2 billion in net outflows in the third quarter of 2017.

Institutional AUM totaled $482.4 billion, up 1.1% from three months earlier and 2.4% higher than a year earlier. Mutual fund assets were $229.6 billion, down 1.3% from June 30 but up 3.6% from Sept. 30, 2017. Remaining assets are from high-net-worth clients.

By asset class, $321.9 billion of assets under management as of Sept. 30 were in alternatives, $284 billion in global equity, $119.6 billion in U.S. equity, and $104.1 billion in multiasset and other asset classes.

Third-quarter revenue was $601.3 million, up 0.2% from the second quarter and up 2.7% from the third quarter of 2017. Net income was $124.9 million, up 6.8% from the previous quarter but down 0.4% from the year-earlier quarter.