With us on the line to discuss the company’s results for the quarter are Sean Healey, Chairman and CEO; Nate Dalton, President and COO; and Jay Horgen, CFO.
And now I’d like to turn the call over to Sean Healey.
Thanks Allie and good morning everyone. AMG reported economic earnings per share of $1.76 for the fourth quarter and $6.62 for the full year. Despite the volatile markets in 2011, including 15% to 20% declines in non-U.S. equity markets, AMG generated strong results with year-over-year earnings growth and outstanding net client cash flows of $23 billion.Against an industry backdrop of muted client demand for alpha generating products, we were very pleased with our organic growth from net client flows of $4 billion in the quarter, marking our seventh consequent quarter of strong net inflows. Our net flows which lead the industry in return oriented products reflect the quality of our specialist affiliates, our unique position in highly attracted product areas and the ongoing success of our global distribution strategy. Our strategic focus on global and emerging market equity and alternative products, which collectively account for three quarters of our EBITDA, continues to drive the growth of our business. Our highly regarded affiliates are leaders in their respective investment disciplines, including global and emerging market equity managers such as Tweedy, Browne, Genesis and Harding Loevner and alternative firms like Pantheon, AQR, BlueMountain and ValueAct. Our affiliates continue to generate excellent relevant investment performance in these areas and we are particularly pleased and proud that Tweedy, Browne was just named Morningstar’s International Stock Manager of the Year for 2011. Our global distribution strategy combines the resources and scale of a global asset management company, with the investment expertise of our boutique affiliates and continues to generate strong client cash flows, especially from non-U.S. clients, which accounted for all of our net flows this quarter.