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April 27, 2020 11:10 AM

AMG assets down 17% for quarter, 22.5% for year

Danielle Walker
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    Bloomberg

    Affiliated Managers Group reported $599.9 billion in assets, a decline of 17% for the quarter and 22.5% for the year.

    Affiliated Managers Group on Monday reported $599.9 billion in assets under management as of March 30, down 17% from Dec. 31 and down 22.5% from a year earlier, the company reported in its quarterly earnings statement.

    Total net outflows during the first quarter were $13.8 billion, compared to net outflows of $11.3 billion the previous quarter and net outflows of $7.4 billion in first quarter of 2019.

    During the first quarter, more than 90% of AMG's net outflows were from certain quantitative strategies across liquid alternatives and long-only equities, Thomas M. Wojcik, chief financial officer, said during the company's quarterly earnings call.

    AMG's institutional business, which had $347.8 billion in assets as of March 31, experienced $5.6 billion in net outflows during the first quarter, an investor presentation from the company showed. The company's retail business, which had $149.9 billion in assets, saw $7.4 billion in net outflows, while net outflows from high-net-worth clients, which represent $102.2 billion in assets, were $800 million during the first quarter.

    Compare fund flows and AUM of publicly traded money managers with P&I's Earnings Tracker

    First-quarter revenue was $507.3 million, down 8.7% over the previous quarter and down 6.6% over the first quarter of 2019.

    Commenting on the coronavirus health crisis, AMG President and CEO Jay C. Horgen said: "We are operating in a time of tremendous uncertainty, and no one knows when the economy and markets are going to recover or what changes in behavior may shape that recovery. While this uncertainty will likely remain for some time, I am confident in our ability to navigate the challenges we face and find unique growth opportunities … and to emerge as an even stronger organization in the future."

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