Sunday, 29 November 2015
Last updated 1 day ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…