Affiliated Managers Profit Up 81%

Jul 26 2011 | 12:56pm ET

Affiliated Managers Group, which owns stakes in several high-profile hedge funds, continued its strong run with an 81% jump in its second-quarter profit.

The Prides Crossing, Mass.-based firm doubled its quarterly profit both in the first and fourth quarters. It almost did so again, with profit soaring to $45.5 million from $25.2 million last quarter as revenue jumped 39% to $462.3 million.

Affiliated's total assets under management grew 2.5% in the second quarter to $348.4 billion on net inflows of $7.5 billion.

AMG invests in asset management companies, and owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management, ValueAct Capital and Value Partners Group

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