AMG Profit Soars In Third Quarter On AUM Surge

Oct 27 2010 | 10:03am ET

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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.