With us on the line to discuss the company's results for the quarter are Sean Healey, Chairman and CEO; Nate Dalton, President and Chief Operating Officer; and Jay Horgen, Chief Financial Officer. And now I'd like to turn the call over to Sean Healey.Sean M. Healey Thanks, Ally. Good morning, everyone. With Economic earnings per share of $1.58 for the first quarter, AMG is off to an excellent start in 2012 with strong execution across all aspects of our growth strategy, including 2 new Affiliate investments, strong performance of our products and outstanding organic growth from net client cash flows bringing our total pro forma assets under management to just under $400 billion. This was our eighth consecutive quarter of strong positive flows with over $7 billion in net inflows and $24 billion in the past 12 months. Our net inflows into a broad array of return-oriented strategies are particularly notable in a period were industry flows are being concentrated in fixed income and passive products. We continue to benefit from our strategic focus on highly attractive product areas, especially global and emerging market equities and alternatives, as well as the under -- the ongoing success of our global distribution strategy. Affiliates such as global and emerging market equity managers: Tweedy, Browne, Genesis, Harding Loevner, Trilogy and Artemis; and alternative firms: Pantheon, AQR, BlueMountain and ValueAct are all leaders in their respective disciplines, with outstanding track records of investment performance and prospects for continued organic growth. Our results reflect the strong -- the continued strong execution of our global distribution strategy as our Affiliates are winning new business and market share through both affiliate level marketing efforts as well as by leveraging our global platform, which enhances the presence of our Affiliates across channels and geographies. Given the ongoing success of our strategy, we continue to build out our institutional and retail platforms worldwide through the opening of new offices and the addition of key personnel in existing coverage regions. As investor risk appetite inevitably returns around the world, our Affiliates are uniquely positioned to benefit, and we're seeing numerous opportunities for continued strong organic growth ahead.
Turning to new investments. We're very pleased to have recently announced investments in 2 new Affiliates which are industry leaders in their respective areas. Yacktman Asset Management is an outstanding concentrated value equity manager with a tremendous long-term record of investment performance and industry accolades, having been named Morningstar Managers of the Year and nominated as Manager of the Decade. Don Yacktman, Stephen Yacktman and Jason Subotky are outstanding investors and have built a great business, and we're excited to welcome the team to our Affiliate group.In addition, with our investment in Veritable, which is one of the nation's premier independent wealth managers, we successfully launched our wealth management business, AMG Wealth Partners, which extends AMG's proven partnership approach and succession planning solutions to outstanding wealth management firms. Partnering with a firm of Veritable's caliber is a key foundational step for our wealth management strategy, which is, of course, completely incremental to our opportunity to invest in additional boutique asset management firms. Finally, we continue to make progress across a broad range of new investment opportunities. In addition to ongoing divestiture activity from corporate sellers, we also believe that demographic trends, coupled with the prospect of rising tax rates, will result in increasing transaction activity among independent firms through the balance of 2012 and beyond. We believe that AMG is positioned as the partner of choice for outstanding boutique asset management and wealth management firms worldwide, and we're confident in our ability to materially enhance our earnings growth through accretive investments and additional Affiliates. With that, let me turn it to Nate who will discuss our Affiliates results in greater detail. Read the rest of this transcript for free on seekingalpha.com