Affiliated Managers Group posts record AUM
AMG•Affiliated Managers Group reported record assets under management of $973.9 billion at the end of Q3 and $21 billion in net client cash flows. Adjusted EBITDA of $353.7 million beat estimates, while revenue of $595.2 million missed them.
1. Record assets and inflows
Affiliated Managers Group reported record assets under management of $973.9 billion at the end of Q3, with $21 billion in net client cash flows. The company said more than $31 billion in net inflows to alternative strategies drove growth in assets and earnings.
2. Earnings and repurchases
Q3 adjusted EBITDA was $353.7 million, above the $324.81 million consensus estimate, while revenue of $595.2 million was below the $655.08 million estimate. The company repurchased $400 million of stock during the quarter, bringing year-to-date buybacks to $775 million. It did not provide specific financial guidance for the current quarter or full year.
