AMG Quarterly Profit More Than Doubles

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.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note