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Monday, November 09, 2015

Healey Does Three Deals As AMG Beats Estimates

News summary by MFWire's editors

Sean Healey and his team keep on racking up the deals, and their earnings are on the rise, too.


Sean Healey
AMG
Chairman, Chief Executive Officer
Yesterday Affiliated Managers Group [profile] unveiled investments in Abax Investments, Ivory Investments, and Systematica Investments. As with some of AMG's past deals, senior management at all three new affiliates will hold on to majority stakes in their respective boutiques. The three shops manage a combined $17.8 billion in AUM, and all three deals are slated to close by the end of December.

Bloomberg, the Financial Times, and Reuters all covered the Systematica deal.

And this morning AMG reported economic earnings per share of $2.93 for Q3 2015, up from $2.76 in Q3 2014 and surpassing estimates by $0.06. Yet even as AMG's earnings rose and beat expectations, its revenue did the opposite; for Q3 2015, AMG brought in $613.1 million in revenue, down from $640.3 million a year ago and missing estimates by $22.71 million.

Systematica, which AMG describes as "an innovative technology-driven firm focused on the rigorous application of science and technology to the investment process" that is a "managed futures and systematic trading" shop, is the biggest of the three new AMG affiliates-to-be with $8.8 billion in AUM as of October 1. It is led by Leda Braga, and AMG is buying a majority of the Systematica stake held by BlueCrest Capital Management. Systematica has offices in Geneva, Jersey (England), London, New York, and Singapore, and spun out of Blue Crest this past January.

Cape Town, South Africa-based Abax (called Polaris Capital until 2009) had $5.4 billion in AUM as of September 30. It's a fundamentals-focused shop that invests in South African stocks and bonds, as well as global equities. The 12-year-old shop is led by senior partners Steve Minnaar, Anthony Sedgwick, Omri Thomas, and Marius van Rooyen.

17-year-old Ivory has offices in LA and New York. As of September 30 it had about $3.6 billion in AUM, and like Abax it is fundamentals-focused. Ivory offers long-short equity and long-only strategies. 

Edited by: Neil Anderson, Managing Editor


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