Thursday, 2 October 2014
Last updated 52 min ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...