Affiliated Managers Group reported a fourth-quarter profit of $24.6 million, or 55 cents per share, reversing a loss of $83.7 million, or $2.12 a share, a year ago.
Revenue rose 9.5% to $244.7, up from $223.4 million. For the full year, AMG’s net income was $59.5 million, or $1.38 per share, on revenue of $841.8 million. In 2008, the company lost $1.3 million, or 3 cents a share, on revenue of $1.16 billion.
AMG also reached a definitive agreement with Artemis Investment Management to purchase 100% of the equity of Artemis from BNP Paribas subsidiary Fortis Bank. The purchase will give AMG a majority interest in Artemis, which has $16 billion in assets under management, although the company’s management team is also acquiring a substantial equity ownership and will continue to direct the day-to-day operations.
“As one of the U.K.’s most highly regarded investment management firms, Artemis offers an outstanding array of investment products with strong long-term performance records,” said AMG President and CEO Sean M. Healey. “Our partnership with Artemis will enhance AMG’s existing international product set, as well as deepen our client base in desirable and fast-growing markets in the U.K., Europe and the Middle East.”