Affiliated Managers Group
(AMG) beat analysts' estimate of $0.98 earnings per diluted share by two cents for the second quarter.
AMG gained $7.4 billion in assets to $102.2 billion in assets under management this quarter, up 7.8 percent from $94.8 billion at the end of the first quarter.
Mutual fund assets increased by $617 million, or 2.5 percent from $25.2 billion in the first quarter to $25.8 billion in the second quarter.
"[The Fremont] acquisition…further diversifies Managers Funds' product offerings and enhances its distribution capabilities by opening additional distribution channels to Managers Funds products, stated Sean Healey
, president and chief operating officer.
"Looking ahead, we are also making excellent progress in pursuing additional investment opportunities in high quality mid-sized firms," Healey continued.
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