Tuesday, 30 August 2016
Last updated 10 hours 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.