AMG Posts Q4 Profit, Buys British Money Manager

Feb 1 2010 | 9:02pm ET

Affiliated Managers Group, which owns stakes in several high-profile hedge funds, swung to profit in the fourth quarter, topping analysts’ estimates. And in addition to being in the black, the firm is also making moves to expand globally.

The Beverly, Mass.-based firm said today that net income was $24.6 million, up from an $83.7 million loss in the year-earlier period. AMG also announced that it was buying a majority stake in British money manager Artemis Investment Management, with the group’s management owning the balance. Artemis is currently owned by Fortis Bank, which, in turn, is owned by BNP Paribas.

According to the firm, the purchase of Artemis is part AMG’s plan to expand overseas. AMG CEO Sean Harley said, “We believe an independent Artemis will be well positioned for further growth in both the retail and institutional markets in the UK, Europe and the Middle East.”

In November, AMG it bought a 5% stake in Hong Kong-based hedge fund Value Partners. The firm also owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management and ValueAct Capital.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of