Affiliated Managers Group reported third-quarter earnings of $33.1 million, or 87 cents a share, Wednesday, up 16% from $28.5 million, or 67 cents a share in the third quarter of 2005. Revenue was up 20% to $280.4 million, from $234.1 million. The company said strong new flows of $4.2 billion during the quarter contributed to the strong earnings. While investors pulled a net $1.1 billion from mutual funds, institutional funds took in $5.2 billion and services geared to high-net-worth clients reaped $41 million.
Cash earnings grew 10.7% to $50.7 million, from $45.8 million. AMG defined cash earnings as net income plus amortization, deferred taxes related to intangible assets and affiliate depreciation.