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Wednesday, April 30, 2014

AMG Benefits from the Healey Effect

News summary by MFWire's editors

The fund industry is Sean Healey's buffet table.

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

Edited by: Tommy Fernandez

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