The fund industry is Sean Healey's
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
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