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.