* Economic EPS $1.66 vs est $1.64
* AUM $385 bln vs $350 bln year earlier
July 31 Asset manager Affiliated Managers Group
Inc's quarterly profit fell but managed to beat
analysts' expectations as the company managed to maintain the
inflow of new client money.
Net income fell to $6.6 million, or 12 cents per share, for
the second quarter, from $45.5 million, or 85 cents per share, a
year earlier. Adjusted net income was 82 cents per share.
On the economic basis used by some analysts, the company
earned $1.66 per share, compared with $1.71 a year earlier.
Analysts expected $1.64 on this basis, according to Thomson
Main Street investors, whose nest eggs were decimated by
falling share prices in the wake of the credit crisis, have
pulled their cash out of funds tied to the stock market. This
has hurt asset managers who earn fees on actively managed equity
But companies that offer a wider range of products such as
exchange-traded funds and alternative assets like private equity
and hedge funds, have attracted customer money.
AMG, which offers products across the globe and in a wide
range of sectors -- including alternative managers like AQR,
BlueMountain Capital Management, said inflows for the quarter
were $7.1 billion.
AMG ended the quarter with $385 billion in assets under
Shares of the company closed at $108.86 on Monday on the New
York Stock Exchange.