Affiliated Managers Group 1Q Profit Falls 80 Pct

BOSTON (AP) — Affiliated Managers Group Inc. said Wednesday its profit plunged 80 percent in the first quarter as revenue fell across the asset manager's mutual fund, institutional and high net worth segments.

For the three-month period ending March 31, net income totaled $6.1 million, or 15 cents per share, compared with $31.2 million, or 81 cents per share, in the year-ago period.

Cash net income was $37.7 million, or 94 cents per share in the second quarter, which beat analyst estimates.

On average, analysts polled by Thomson One were expecting quarterly earnings of 91 cents per share. Analyst estimates do not include one-time charges.

Cash net income adds back amortization, affiliate depreciation and deferred taxes related to intangible assets. Affiliated Managers Group considers it a key measure of performance because it represents operating performance before certain non-cash expenses tied to acquisitions of interests in affiliated management firms.

Quarterly revenue fell to $178.5 million, from $335 million last year. Total assets under management dropped to $152.92 billion, from $170.15 billion.

Shares of AMG rose $6.52, or 14.6 percent, to $51.25 in morning trading.