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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