Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended March 31, 2014.
For the first quarter of 2014, Economic earnings per share (“Economic EPS”) were $2.48, compared to $2.27 for the same period of 2013, while diluted earnings per share for the first quarter of 2014 were $1.40, compared to $1.15 for the same period of 2013. For the first quarter of 2014, Economic net income was $137.9 million, compared to $124.2 million for the same period of 2013. For the first quarter of 2014, Net income was $77.2 million, compared to $62.4 million for the same period of 2013. For the first quarter of 2014, EBITDA was $191.9 million, compared to $175.0 million for the same period of 2013. (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with comparisons to the appropriate GAAP measure.)
Net client cash flows for the first quarter of 2014 were $7.0 billion. Pro forma for pending investments, the aggregate assets under management of AMG’s affiliated investment management firms were approximately $594 billion at March 31, 2014.
“AMG has had an excellent start to 2014, with outstanding execution across all aspects of our growth strategy – including our sixteenth consecutive quarter of strong net client cash flows, the long-term investment outperformance of our Affiliates, and the addition of three exceptional new Affiliates,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “With the ongoing strong organic growth of our Affiliates, along with the announcement of investments in Veritas Asset Management, EIG Global Energy Partners, and River Road Asset Management, we have meaningfully increased the earnings power of our business, further enhanced our substantial diversity across products and clients, and deepened our exposure to the most attractive areas of the asset management industry. Including these new investments, our assets under management are now $594 billion, an increase of 28% over the first quarter of 2013.”