* EPS 85 cents vs Street view 79 cents
* Net inflows $7.5 billion
* Leaves 2011 EPS guidance unchanged
* Shares up 4.2 pct
(Adds EPS guidance, updates shares)
BOSTON, July 26 Asset manager Affiliated
Managers Group Inc (AMG.N) said second-quarter profit nearly
doubled as inflows and market gains drove up revenue, sending
its shares up more than 4 percent.
The Boston company on Tuesday reported net income of $45.5
million, or 85 cents per share, up from $25.2 million, or 53
cents a share, a year earlier.
Analysts surveyed by Thomson Reuters I/B/E/S expected, on
average, 79 cents a share.
On the economic basis used by some analysts, excluding
special items, AMG earned $1.71 per share, compared with $1.35
a year earlier. Analysts expected $1.64 on this basis.
Revenue rose to $462.3 million from $332.1 million,
AMG shares were up 4.2 percent at $106.50 in afternoon
AMG, which has reported consistent net inflows of cash from
investors, said net inflows totaled $7.5 billion in the second
The company is "firing on all cylinders," Citigroup analyst
William Katz wrote in a note to investors. He said the inflow
figures were higher than he and others had expected.
On a conference call with investors, AMG Chief Financial
Officer Jay Horgen said the company was leaving unchanged its
previous guidance for 2011 earnings of $6.90 to $7.70 per share
on an economic basis.
(Reporting by Ross Kerber; editing by John Wallace)