Affiliated Managers Group, which owns stakes in several high-profile hedge funds, almost doubled its profit for the second quarter in a row.
The Beverly, Mass.-based firm said its third-quarter profit jumped 91% as its asset under management rose grew by more than 20% over the past three months to $294 billion. AMG also said it enjoyed $5.47 billion in net inflows on the quarter, up from just $283 million in the second quarter.
Which is not to say that the second quarter was a bad one for AMG, which doubled its profit for April through June to $25.2 million. AMG earned $34 million in the fourth quarter, up from $17.8 million a year earlier.
AMG also said that its president and CEO, Sean Healey, would also become chairman at the beginning of next year. Firm founder William Nutt is stepping down from the post, although he'll remain on the firm's board.
AMG owns stakes in AQR Capital Management and BlueMountain Capital Management, among others.