April 27, 2010 / 12:54 PM / 10 years ago

UPDATE 1-AMG profit rises on higher assets

* 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)

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