The fund industry is Sean Healey's buffet table.

The president, chairman and chief executive of AMG has bought into another firm, this time a majority stake in the British equities specialist Veritas Asset Management, as well as reported an 11 percent rise in profits.

According to Bloomberg, AMG saw it first-quarter economic net income rise to $137.9 million, or $2.48 per share. That beat the $2.38-a-share estimate of nine analysts in a Bloomberg survey, and represents an 11 percent increase from a year-ago.

AMG has stakes in more than two dozen boutiques, leveraging its distribution oomph (now by retail CEO Jeff Cerutti to these managers.

The newswire notes that AMG attracted $7 billion in new investor money in the most recent quarter, compared with $5.5 billion in the previous three months.

Healey's successes attracted the attention of other news outlets, such as The Wall Street Transcript. 

Edited by: Tommy Fernandez


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE