Affiliated Managers Group (NYSE: AMG) reported Q1 EPS of $4.28, $0.04 better than the analyst estimate of $4.24. Revenue for the quarter came in at $559.1 million versus the consensus estimate of $556.7 million.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:“AMG reported growth of 23% in Adjusted EBITDA and 35% in Economic earnings per share relative to the year-ago quarter, our third consecutive quarter of year-over-year growth, further demonstrating positive momentum across the business. Our results reflect strong Affiliate investment performance, improving organic growth trends, and the consistent execution of our growth strategy. Net client cash flows were positive excluding certain quantitative strategies, driven by strength in private markets, specialty fixed income, wealth management, and ESG strategies. With continued momentum in these secular growth areas, including through our strategic focus on new investments, along with increasing demand for active equities, particularly value-and impact-oriented strategies, AMG is well-positioned for future organic growth.

“As economic activity accelerates and the macro environment presents additional favorable opportunities for active managers, we continue to focus on our core competitive advantages and invest for growth across new Affiliates, existing Affiliates, and our value-added central capabilities. During the quarter, we evolved our U.S. wealth distribution platform for the benefit of clients, by enhancing the quality of our product offering, lowering fees, and clarifying our presence in the market as the premier partner to world-class independent investment firms, all while aligning our capital and resources more fully with our Affiliate partners and their greatest opportunities for growth.

“Given the evolving competitive landscape and the strategic investments we have made over the last two years, AMG’s partnership approach is resonating with a broader and more diverse array of high-quality independent firms operating in areas of strong client demand. Our partnership solutions and strategic capabilities are increasingly differentiated components of our approach, as evidenced by the series of new partnerships we have established over the last year. Most recently, we are pleased to welcome our newest Affiliate, OCP Asia, a leading alternative manager providing customized lending solutions with deep expertise in investing across private credit markets in Asia. Looking ahead, with our strong balance sheet and significant cash generation, we are well-positioned to capitalize on the considerable and growing opportunity set ahead, further enabling us to compound earnings growth and create significant shareholder value over time.”

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