Tuesday, 30 August 2016
Last updated 4 hours ago
Apr 29 2011 | 1:07pm ET
A firm which owns stakes in several high-profile hedge funds began 2011 the same way it ended 2010—by doubling its quarterly profit.
For the second straight quarter, Affiliated Managers Group said its profit more than doubled as it reaps the benefits both of its acquisitions last year and increase inflows. The firm said it earned $39.1 million during the first three months of this year, up from $17.5 million in the year-earlier period.
Revenue rose almost 70% to $426.3 million, of which cash net income increased 68% to $85.1 million. The Prides Crossing, Mass.-based firm said assets under management rose nearly $20 billion to $339.8 billion during the quarter, thanks in part to net inflows of $6.5 billion.
CEO Sean Healey said that the results show AMG's "strategy is clearly working."
AMG invests in asset management companies, and owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management, ValueAct Capital and Value Partners Group.