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Tuesday, October 25, 2011

Healey's Hungry For Deals as AMG Beats Estimates

News summary by MFWire's editors

It is a good time to go shopping for asset maanagers in the opinion of Sean Healey. The CEO of Affiliated Managers Group [see profile] believes that stakes in more affiliates will bring an immediate boost to the Boston-based fund firm's bottom line [see earnings call transcript].

And speaking of bottom lines, Healey's team at AMG also revealed that they beat analysts' earnings predictions last quarter.

Tuesday morning the acquirer of asset managers revealed that it earned $1.55 per share (economic earnings per share), down from $1.71 in Q2 2011 and up from $1.50 in Q3 2010 [download the full earnings report here].

Yet, even with the fall in earnings, AMG topped its earnings target by three cents per share. MarketWatch reports that, according to Thomson Reuters, analysts expected AMG to earn $1.52.

Healey told shareholders that acquisitions is one way to keep earnings growing.

"We have an outstanding ongoing opportunity to enhance our earnings growth through accretive investments in new Affiliates," he stated.

Healey added that "market volatility has limited near-term new investment activity" but that he sees "excellent prospects for investments through both divestitures from corporate sellers, as well as independent firms requiring succession-planning solutions."

"We are uniquely positioned to create substantial incremental value for our shareholders through opportunistic capital deployment and the disciplined execution of our new investment strategy," stated Healey.

AMG's assets under management dipped from $348.409 billion on June 30 to $305.879 billion on September 30. Net Inflows dipped from $7.500 billion in Q2 to $4.903 billion in Q3 -- performance in the volatile third quarter cost the firm $47.433 billion in assets.

RTTNews also covered AMG's earnings. 

Edited by: Neil Anderson, Managing Editor

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