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Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the fourth quarter and full year 2013.
For the fourth quarter of 2013, Economic earnings per share (“Economic EPS”) were $3.66, compared to $2.55 for the same period of 2012, while diluted earnings per share for the fourth quarter of 2013 were $2.79, compared to $1.40 for the same period of 2012. For the fourth quarter of 2013, Economic net income was $202.9 million, compared to $136.5 million for the same period of 2012. For the fourth quarter of 2013, Net income was $158.2 million, compared to $75.0 million for the same period of 2012. For the fourth quarter of 2013, EBITDA was $301.5 million, compared to $182.1 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 year ended December 31, 2013, Economic net income was $570.1 million, while EBITDA was $819.9 million, and Net income was $360.5 million. 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.
Net client cash flows for the fourth quarter of 2013 were $5.5 billion, and flows for the year ended December 31, 2013 were $40.7 billion. Pro forma for a pending investment, the aggregate assets under management of AMG’s affiliated investment management firms were approximately $544 billion at December 31, 2013.
“AMG’s fourth quarter of 2013 capped an outstanding year with strong results across our business,” stated Sean M. Healey, AMG’s Chairman and Chief Executive Officer. “Record Economic earnings per share of $3.66 for the fourth quarter and $10.31 for the year were increases of 44% and 34%, respectively, over the same periods of 2012. Our results reflect excellent execution across all aspects of our growth strategy, including the exceptional investment performance of our industry-leading Affiliates; the continued success of our global distribution strategy, with record net client cash flows; the addition of highly-regarded Affiliates through our new investments strategy; and the impact of performance fees generated in the quarter and the year.”