Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the third quarter and nine months ended September 30, 2013.
For the third quarter of 2013, Economic earnings per share (“Economic EPS”) were $2.19, compared to $1.91 for the same period of 2012, while diluted earnings per share for the third quarter of 2013 were $1.37, compared to $1.04 for the same period of 2012. For the third quarter of 2013, Economic net income was $121.8 million, compared to $101.2 million for the same period of 2012, and Net income was $75.2 million, compared to $54.9 million for the same period of 2012. For the third quarter of 2013, EBITDA was $170.4 million, compared to $133.5 million for the same period of 2012. (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with comparisons to the appropriate GAAP measure.)
For the nine months ended September 30, 2013, Economic net income was $367.2 million, while EBITDA was $518.4 million, and Net income was $202.3 million. For the nine months ended September 30, 2012, Economic net income was $272.3 million, while EBITDA was $361.2 million, and Net income was $98.9 million.
Net client cash flows for the third quarter of 2013 were $10.1 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $508 billion at September 30, 2013.“AMG continues to generate outstanding organic growth, with over $10 billion in net client cash flows in the third quarter, and over $40 billion in the last twelve months – bringing total assets under management to a record $508 billion,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our Affiliates continue to produce outstanding investment performance across a broad range of return-oriented products, and through the excellent execution of our growth strategies, our Economic earnings per share of $2.19 increased 15% over the third quarter of 2012.”
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