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TheStreet Open House

AMG Reports Financial And Operating Results For The Third Quarter And Nine Months Ended September 30, 2012

Stock quotes in this article: AMG

Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the third quarter and nine months ended September 30, 2012.

For the third quarter of 2012, Economic earnings per share (“Economic EPS”) were $1.91, compared to $1.55 for the same period of 2011, while diluted earnings per share for the third quarter of 2012 were $1.04, compared to $0.76 for the same period of 2011. For the third quarter of 2012, Economic net income was $101.2 million, compared to $82.1 million for the same period of 2011. For the third quarter of 2012, Net income was $54.9 million, compared to $40.1 million for the same period of 2011. (Economic EPS and Economic net income are defined in the attached tables.)

For the third quarter of 2012, revenue was $467.3 million, compared to $413.8 million for the same period of 2011. For the third quarter of 2012, EBITDA was $133.5 million, compared to $112.9 million for the same period of 2011.

For the nine months ended September 30, 2012, Economic net income was $272.3 million, while EBITDA was $361.2 million. For the same period, Net income was $98.9 million, on revenue of $1.3 billion. For the nine months ended September 30, 2011, Economic net income was $258.5 million, while EBITDA was $355.0 million. For the same period, Net income was $124.6 million, on revenue of $1.3 billion.

Net client cash flows for the third quarter of 2012 were $10.9 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $416 billion at September 30, 2012.

“With over $25 billion in net client cash flows in 2012 to date, including $11 billion in the third quarter, AMG continues to generate outstanding organic growth,” stated Sean M. Healey, AMG’s Chairman and Chief Executive Officer. “We were pleased to report Economic earnings per share of $1.91 for the quarter, representing growth of 23% over the same period of 2011 and reflecting excellent execution across all aspects of our growth strategy, including the strong investment performance and organic growth of our extant Affiliates as well as the addition of two new Affiliates, Yacktman and Veritable, and a significant incremental investment in BlueMountain.”

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