Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended March 31, 2012.
For the first quarter of 2012, Economic earnings per share (“Economic EPS”) were $1.58, compared to $1.60 for the same period of 2011, while diluted earnings per share for the first quarter of 2012 were $0.71, compared to $0.74 for the same period of 2011. For the first quarter of 2012, Economic net income was $83.5 million, compared to $85.1 million for the same period of 2011. For the first quarter of 2012, Net income was $37.4 million, compared to $39.1 million for the same period of 2011. (Economic EPS and Economic net income are defined in the attached tables.)
For the first quarter of 2012, revenue was $417.7 million, compared to $426.3 million for the same period of 2011. For the first quarter of 2012, EBITDA was $114.1 million, compared to $118.2 million for the same period of 2011.
Net client cash flows for the first quarter of 2012 were approximately $7.1 billion. Pro forma for pending investments, the aggregate assets under management of AMG’s affiliated investment management firms were approximately $392 billion at March 31, 2012.“With our eighth consecutive quarter of strong inflows, the outstanding investment performance of our Affiliates, and the successful execution of our new investment strategy, AMG is off to an excellent start in 2012,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “We were especially pleased to announce our recent investments in Yacktman Asset Management and Veritable, LP. With $17 billion in assets under management, Yacktman is an outstanding manager specializing in large-cap equities through a unique, value-oriented investment approach which has generated a remarkable long-term track record of investment performance. Veritable is one of the nation’s premier independent wealth managers, with $11 billion in ultra-high net worth client assets under management. The addition of these firms meaningfully increases the earnings power of our business and further enhances its substantial diversity across products and clients, deepening our exposure to the most attractive areas of the asset management industry.”