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Affiliated Managers Group, Inc. (AMG) Tops Q2 EPS by 8c

July 30, 2013 8:35 AM EDT
Affiliated Managers Group, Inc. (NYSE: AMG) reported Q2 EPS of $2.18, $0.08 better than the analyst estimate of $2.10. Revenue for the quarter came in at $541 million versus the consensus estimate of $527.1 million.

“With record net client cash flows of $13 billion in the second quarter, and over $25 billion for the year to date, AMG has had an exceptional first half of 2013, despite a volatile global market environment,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our Economic earnings per share increased 31% over the second quarter of 2012, reflecting excellent execution across our business, including continued outstanding organic growth and strong investment performance by our Affiliates.”

“AMG’s thirteenth consecutive quarter of strong net client cash flows was generated by the successful execution of our global distribution strategy and our Affiliates’ outstanding long-term investment performance,” Mr. Healey continued. “Global institutional clients are increasingly seeking differentiated, value-added strategies for the alpha portions of their portfolios, and our Affiliates offer industry-leading products in the most attractive areas in active equities and alternatives – including Yacktman, Harding Loevner, Tweedy, Browne, Artemis, and Genesis across U.S., global, and emerging markets equities, as well as BlueMountain, ValueAct, First Quadrant, and AQR in an array of alternative strategies. Given our strategic focus on performance-oriented product areas, AMG continues to be well-positioned to benefit from these client demand trends, and we see substantial additional opportunities as clients increase their allocations to risk products. With the ongoing success of our global distribution strategy, including new mandates in every coverage region during the second quarter, we are adding incremental resources to our platform around the world, and looking ahead, we will continue to focus on enhancing the breadth and specialization of our coverage across key markets and channels globally.”

“Finally, notwithstanding recent market volatility, we are seeing increasing engagement from outstanding traditional and alternative boutique firms around the world,” Mr. Healey concluded. “Given our 20-year track record of successful partnerships, as well as the long-term relationships formed with the best managers globally through our consistent calling effort, we remain confident in our prospects for meaningful incremental earnings growth through accretive investments in new Affiliates going forward.”

For earnings history and earnings-related data on Affiliated Managers Group, Inc. (AMG) click here.


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