AMG Beats Views; Calamos Misses

Investors added nearly $4.3 billion of new money into AMG's investment vehicles during the quarter. Institutional investors accounted for a net $4.56 billion, although this was partially offset by mutual fund clients pulling out $296 million and wealthy individuals redeeming $10 million.

Market appreciation accounted for $5.99 billion in growth over the quarter.

Healey also announced the acquisition of a majority equity interest in Cooke & Bieler, a Philadelphia-based equity manager with more than $9 billion in assets under management. Upon the close of the transaction, AMG will hold a 70% interest in C&B.

"C&B has a strong track record of performance and growth, with assets under management increasing at a compound annual rate of 35% since 2002," Healey said.

He added that the firm is in "advanced discussions" about acquiring other traditional and alternative asset management boutiques.

Elsewhere in the industry, Calamos Asset Management(CLMS Quote) late Tuesday reported an 11% decrease in earnings as a result of higher employee compensation and benefits expenses.

Net income dropped to $7.1 million, or 32 cents per share, from $8.0 million, or 34 cents a share, for the same period in 2006.

The results trailed the 33 cents a share that analysts polled by Thomson Financial anticipated.

Assets under management rose nearly 7% to $46.7 billion on Sept. 30 from $43.8 billion at the end of the second quarter. The company attributed $2.6 billion of the total $2.9 billion increase to market appreciation.