Affiliated Managers Group reported that its first quarter profits plunged 80% to $6.1 million, or 15 cents a share, from $31.2 million, or 81 cents a share, in the first quarter of 2008.

Revenue dropped 46.7% to $178.5 million, from $335 million, and assets under management slipped 10% from $170.15 billion to $152.92 billion.

“Notwithstanding continued market volatility, AMG generated stable cash earnings during the quarter and we are well positioned for growth as equity markets recover,” stated Sean M. Healey, AMG president and CEO. “Our results reflect the strength of a business model which limits our exposure to operating leverage, and provides diverse sources of earnings through our partnerships with a broad array of outstanding boutique affiliates.”

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