Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the fourth quarter and full year 2012.
For the fourth quarter of 2012, Economic earnings per share (“Economic EPS”) were $2.55, compared to $1.76 for the same period of 2011, while diluted earnings per share for the fourth quarter of 2012 were $1.40, compared to $0.77 for the same period of 2011. For the fourth quarter of 2012, Economic net income was $136.5 million, compared to $92.5 million for the same period of 2011. For the fourth quarter of 2012, Net income was $75.0 million, compared to $40.3 million for the same period of 2011. For the fourth quarter of 2012, EBITDA was $182.1 million, compared to $116.3 million for the same period of 2011. (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with comparisons to the appropriate GAAP measure.)
For the year ended December 31, 2012, Economic net income was $408.8 million, while EBITDA was $543.4 million, and Net income was $174.0 million. For the year ended December 31, 2011, Economic net income was $351.0 million, while EBITDA was $471.3 million, and Net income was $164.9 million.
Net client cash flows for the fourth quarter of 2012 were $5.1 billion, and flows for the year ended December 31, 2012 were $30.1 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $432 billion at December 31, 2012.“AMG’s results for the fourth quarter and full year 2012 reflected strong performance across all areas of our business and the excellent execution of our growth strategy, including continued outstanding growth from net client cash flows, the ongoing expansion of our global distribution platform, and the significant deployment of capital through our new investments strategy,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our Economic earnings per share were a record $7.71 for the year, an increase of 16% over 2011, and going forward, we see excellent opportunities to generate further growth in earnings and shareholder value through both the organic growth of our Affiliates as well as the addition of outstanding new Affiliates.”
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