Despite the market crash of 2008-2009, Affiliated Managers Group
's net income rose year-over-year. On Wednesday the Boston-based firm revealed
that its net income rose almost eight percent from $16.5 million in the third quarter of 2008 to $17.8 million for Q3 2009, even as its quarterly revenue dropped more than 25 percent from $290.8 million in Q3 2008 to $217.5 million in Q3 2009.
AMG's subsidiaries' mutual funds generated 37 percent of that revenue, with less than 22 percent of its total assets. AMG brought in $4 million in net mutual fund flows for Q3 2009, and its mutual fund assets climbed to $43.156 billion on September 30, 2009.
AMG includes under its umbrella mutual fund firms like Friess Associates
(which runs the Brandywine
funds), Managers Investment Group
, Third Avenue Management
and Tweedy, Browne Company
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