Friday, 29 August 2014
Last updated 6 hours 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.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...