AMG reports lower Q3 earnings as assets under management decline

NEW YORK - Affiliated Managers Group (NYSE:AMG ) reported lower third quarter earnings on Thursday as assets under management declined compared to the prior year period.

The asset management company posted adjusted earnings per share of $4.08 for the quarter, missing analyst estimates of $4.84. Revenue came in at $525.2 million, slightly above the consensus forecast of $521.87 million.

AMG's assets under management fell to $728.4 billion as of September 30, down from $735.8 billion a year earlier. Net client cash outflows were $2.8 billion for the quarter.

"Our results for the quarter reflect the challenging market environment, with lower average AUM impacting revenue and earnings," said Jay C. Horgen, President and CEO of AMG. "However, we continue to see strong performance from our Affiliates, particularly in alternatives and global equities."

The company said its alternatives strategies, which include private markets and liquid alternatives, now account for approximately 50% of earnings. AMG has been strategically focusing on growing its alternatives business in recent years.

For the full year 2024, AMG expects economic earnings per share in the range of $19.00 to $20.00.

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Source: Investing.com