AMG Tops Forecasts

Affiliated Managers Group(AMG Quote) posted better-than-expected second-quarter earnings Wednesday, despite a hairy quarter for equities markets that weighed on asset inflows.

The Boston-based asset management holding company also announced a share buyback plan of up to 5% of its outstanding common stock, a move that other money managers have been reluctant to make.

AMG's net income rose to $78.1 million, or 86 cents a share, from $26.2 million, or 63 cents a share, a year earlier.

Cash earnings, which exclude items such as amortization, rose to $1.30 a share from $1.13 in the same period last year. Analysts polled by Thomson Financial were expecting cash earnings per share of $1.28. ...