Affiliated Managers Group (AMG) saw its stock decline 5.18% on Friday after the global asset management firm reported mixed third-quarter results.
AMG's revenue for the quarter ended September 30 was $516.4 million, lower than the $521.4-$521.9 million consensus estimate. This 1.7% year-over-year decline was attributed to net outflows of $2.8 billion from AMG's retail funds, partially offset by market gains and growth in alternative strategies.
However, AMG's adjusted economic earnings per share of $4.82 met Wall Street expectations, driven by controlled expenses and realized performance fees from alternative funds. Net income from continuing operations fell 43% year-over-year to $123.6 million due to lower investment advisory fees and higher compensation costs.
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