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Thursday, July 25, 2002

AMG Beats Mark

by: Sean Hanna, Editor in Chief

Despite the week market stock market in the second quarter, Affiliated Managers Group turned in better than expected earnings. The fund firm holding company reported bottom line earnings of $1.09 per share for the second quarter, $0.03 per share better than the consensus. The firm also used its conference call to prepare analysts for lower-than-expected earnings in the second half if the stock market remains flat or falls further.

For the year, AMG executives expect to earn $4.30 if there are no changes in levels to stock prices. Sean M. Healey, president and chief operating officer, explained that the firm is helped by the diversified investment styles of its affiliates. AMG most recently announced its intent to purchase Third Avenue Funds.

Because of its diversified product line-up, AMG said it had net inflows of $11 million during the second quarter.

Healy also highlighted the firm's distribution strategy with Wells Fargo Private Client Services. The San Francisco-based bank distributes asset allocation funds managed by multiple AMG affiliates.

The bulge in earnings was driven by top-line growth at the firm. Revenues during the quarter hit $130 million, up roughly 8 percent from $119 million in revenues during the first quarter.

"While our value-oriented managers, such as Tweedy, Browne, Systematic and Skyline, were less affected by unfavorable markets, our growth managers, including Friess, Essex and Davis Hamilton, also posted strong relative results for the quarter and the year-to-date," said Healey. 

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