AMG Profit Doubles In Second Quarter

Jul 27 2010 | 12:09pm ET

Affiliated Managers Group, which owns stakes in several high-profile hedge funds, said its second-quarter income more than doubled to $25.2 million, thanks in no small part to several new acquisitions.

Beverly, Mass.-based AMG—whose portfolio includes stakes in AQR Capital Management and BlueMountain Capital Management—earned just $11 million in the second quarter of last year. Its revenue was up more than 50% to $332.1 million, and assets under management rose 7% in the second quarter and 19% in the first half to $248.9 billion. Inflows during the second quarter were $283 million.

In February, AMG bought British private equity firm Pantheon Ventures. The firm also owns stakes in hedge funds ValueAct Capital and Value Partners.

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