UPDATE 1-Affiliated Managers postpones buying fund firm

* Deal can be completed in 2nd half of 2009

* Analyst says consensus cash EPS could be cut

* Stock ends up 1.3 pct in mixed market for fund firms

BOSTON, Jan 5 (Reuters) - Affiliated Managers Group (AMG) (AMG.N), a U.S. holding company for asset managers, has agreed with smaller rival Harding Loevner LLC to postpone a deal to acquire it, citing tough markets.

AMG and Harding Loevner had struck a deal in July allowing the former to acquire a majority stake in New Jersey-based and privately owned Harding, which then had about $6 billion in international equity assets. The deal, whose value was not disclosed, was set for completion in the last quarter of 2008.

The two companies said in a joint statement on Monday that "in light of market conditions, the parties have agreed to restructure and postpone their transaction."

An amended agreement gives the "option for the transaction to be completed during the second half of 2009 on terms consistent with the original agreement", the statement added.

AMG had warned in October that it would not move ahead on new stake purchase deals due to turbulent markets.

"The best-case scenario is it's postponed until the second half of the year and the worst-case scenario is it doesn't happen," said Michael Kim, an analyst at Sandler O'Neill and Partners.

Kim said AMG's full-year consensus cash earnings per share estimate of $4.85 could be cut by about 3 percent due to the announcement.

AMG shares closed up 1.3 percent at $44 on Monday, in a mixed session for asset managers.

AMG, based near Boston, owns stakes in 28 money managers including value equities firm Third Avenue Management and hedge fund AQR Capital Management. Including pending investments, it had $219.3 billion in assets under management as of Sept. 30. (Reporting by Muralikumar Anantharaman; Editing by Bernard Orr (murali.anantharaman@thomsonreuters.com; +1 617 856 4341; Reuters Messaging: murali.anantharaman.reuters.com@reuters.net))