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

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note