Stock Track | Affiliated Managers Group Falls as Q3 Revenue Misses Estimates

Stock Track

Nov 04, 2024

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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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.</p>\n\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMG","symbol_name":"Affiliated Managers Group Inc","start_time":0,"source_url":"","article_id":"1109432909","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1109432909","pubTimestamp":1730730989,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Affiliated Managers Group  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. 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