Friday, 21 October 2016
Last updated 1 hour ago
Feb 3 2011 | 12:03pm ET
Affiliated Managers Group, which owns stakes in several high-profile hedge funds, saw its fourth-quarter profit more than double as it prepares to bid farewell to its CFO.
Prides Crossing, Mass.-based AMG said its profit for the three months ended Dec. 31 was $62 million, up from $24.6 million in the year-earlier period. Revenue soared 72% to $420.8 million on the quarter.
For the full year, AMG said its net income also more than doubled to $138.6 million from $59.4 million in 2009. Revenue rose 61% to $1.36 billion, and net inflows totaled $4.7 billion. Assets under management were $320 billion at the end of last year.
The firm also announced that Darrell Crate, who has been CFO since 1998, will retire in May to join private equity firm Easterly Capital as president. Crate will remain a senior adviser to AMG.
Jay Horgan, the firm's head of new investments, will become CFO upon Crate's departure, while also continuing in his current role. Likewise, Nathan Dalton has succeeded newly-minted Chairman Sean Healey as CEO while also remaining chief operating officer.
AMG invests in asset management companies, and owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management, ValueAct Capital and Value Partners Group.