* AMG first quarter EPS 38 cents vs 15 cents year-ago
* Cash EPS $1.14 meets expectations
BOSTON, April 27 (Reuters) - Investment holding company Affiliated Managers Group Inc (AMG.N) said Tuesday that its first-quarter profit more than doubled on higher assets under management.
Boston-based AMG reported net income of $17.5 million, or 38 cents per share, versus $6.1 million, or 15 cents per share, a year earlier.
Analysts on average had expected the company to report 41 cents a share, on revenue of $251 million, according to a survey by Thomson Reuters I/B/E/S. Excluding some nonrecurring costs, analysts had expected the company to earn $1.14 a share. AMG met that target, as well as the revenue target.
Assets under management were $232 billion on March 31, AMG said, compared with $208 billion at the end of 2009. Including closed and pending deals, total assets were $260 billion.
Like many other fund firms, AMG has been expanding overseas in order to tap into growing savings by foreign consumers and to diversify away from a competitive U.S. market. (Reporting by Ross Kerber, editing by Gerald E. McCormick)