** Shares of asset manager AMG fall as much as 10.4%; last down 9.6% at $175.20
** AMG expects Q4 adjusted profit to be between $5.94 and $6.17 per share, compared with Wall Street expectations of $7.26/shr, according to data compiled by LSEG
** Company also expects full-year performance fees to be below its historical average of $150 mln due to underperformance at certain investment strategies
** Meanwhile, AMG's Q3 adjusted profit of $4.82/shr also missed Wall Street expectations of $4.84/shr - LSEG data
** Morningstar remains upbeat on AMG; says there was little in Q3 results that would alter its long-term view of the firm
** Adds that AMG shares are slightly undervalued right now
** As of last close, AMG shares up 28% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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