Affiliated Managers Group (AMG) Tops Q3 EPS by 5c; Director Rodriguez to Retire

Affiliated Managers Group (NYSE: AMG) reported Q3 EPS of $2.76, $0.05 better than the analyst estimate of $2.71. Revenue for the quarter came in at $640.3 million versus the consensus estimate of $650.05 million.

“Against the backdrop of a volatile market environment, AMG generated strong results for the third quarter, reporting Economic earnings per share of $2.76, a 26% increase over the third quarter of 2013,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our results reflect ongoing excellent execution across all aspects of our business, including continued strong organic growth, the long-term investment outperformance of our Affiliates, and the addition of four exceptional new Affiliates in the year to date.”

“We have generated strong organic growth from positive client cash flows for eighteen consecutive quarters – including approximately $5.0 billion in net inflows in the third quarter – which is especially notable given the muted investor risk appetite observed by the industry generally,” Mr. Healey continued. “Notwithstanding recent market volatility, global institutional clients are increasingly seeking differentiated, value-added strategies for the alpha portions of their portfolios, and with their industry-leading products in the most attractive areas in active equities and alternatives, our Affiliates continue to benefit from these demand trends. As evidenced by new fundings in every coverage region during the third quarter, our global distribution strategy continues to generate significant organic growth, and we see ongoing opportunities for our Affiliates to win incremental new business across an increasingly broad range of geographies and channels.”

“Finally, the transaction environment remains highly favorable for us, and we are actively engaged in discussions with an array of outstanding traditional and alternative firms,” Mr. Healey concluded. “Given our unparalleled competitive position, including a proven track record of successful partnerships spanning over two decades, we are uniquely positioned to create meaningful shareholder value through accretive investments in additional new Affiliates going forward.”

The company also announced that Dr. Rita M. Rodriguez has decided to retire from its Board of Directors, effective December 31, 2014. Dr. Rodriguez has been a director of AMG since January 2000.

Dr. Rodriguez serves as chair of the Audit Committee and is also a member of the Nominating and Governance Committee. Following the retirement of Dr. Rodriguez, Dwight D. Churchill, who has been a member of AMG’s Board and Audit Committee since February 2010, will serve as chair of the Audit Committee.

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

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