WEST PALM BEACH, Fla., July 29, 2019 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the second quarter and six months ended June 30, 2019.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG reported Economic earnings per share of $3.33 in the second quarter and net client cash outflows of ($15.1) billion, which were driven primarily by ongoing performance headwinds in quantitative strategies across liquid alternatives and global equities. At the same time, we are continuing to benefit from organic growth in illiquid alternatives and in fixed income, across relative value and traditional strategies, and are positioned for long-term organic growth in fundamental global and emerging markets equities, given our Affiliates’ strong performance track records.
“More broadly, clients recognize the competitive advantages that boutique managers inherently have in generating alpha. Given AMG’s model and reputation as the partner of choice to outstanding independent firms, we offer unique access to boutique investment capabilities at scale, while preserving and enhancing the elements critical to individual Affiliate growth and success. Finally, with ongoing momentum in our new investment activity, including the recent closing of our partnership with leading fixed income relative value specialist Garda Capital Partners, we continue to have a significant opportunity to generate earnings growth through partnerships with excellent boutiques around the world, and will remain disciplined and selective in making new Affiliate investments, while also consistently returning capital to shareholders.”
Capital Management
The Company announced a third-quarter cash dividend of $0.32 per common share, payable August 22, 2019 to common stockholders of record as of the close of business on August 8, 2019. During the second quarter of 2019, the Company repurchased approximately $50 million in common stock.
About AMG
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate shareholder value through the growth of existing Affiliates, as well as through investments in new Affiliates and additional investments in existing Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of June 30, 2019, AMG’s aggregate assets under management were approximately $776 billion, pro forma for the subsequently closed investment in Garda Capital Partners, in more than 500 investment products across a broad range of active, return-oriented strategies. For more information, please visit the Company’s website at www.amg.com.
