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.
“Our affiliates continue to generate strong organic growth, with investment performance and net client cash flows increasing AMG’s assets under management by over 20% in the last 12 months,” commented Sean M. Healey, president and CEO. “Our prospects for continued organic growth are excellent.”
Healey also noted that the company’s funds, particularly those focused on international and emerging markets, delivered “excellent performance” in the quarter.
