(Bloomberg) -- Affiliated Managers Group Inc., the company that owns stakes in more than two dozen money managers, said third-quarter profit rose 20 percent as client deposits and a stock-market rally boosted assets.

Economic net income, which excludes certain taxes and expenses, climbed to $121.8 million, or $2.19 a share, in the three months ended Sept. 30, compared with $101.2 million or $1.91 per share, a year earlier, the Beverly, Massachusetts- based firm said today in a statement. Adjusted earnings beat the $2.15-a-share estimate of nine analysts surveyed by Bloomberg.

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