Affiliated Managers Group wrapped up 2004 by reporting earnings two pennies above analysts' estimates. The Boston-based firm reported $1.08 earnings per diluted share for the fourth quarter.

"As we look to 2005, we are very optimistic about our prospects for ... earnings accretion from additional investments in high quality, mid-sized asset management firms," stated Sean M. Healey, president and chief executive officer.

AMG acquired Genesis Asset Managers, AQR Capital Management and TimesSquare Capital Management in 2004, filing gaps in the firm's emerging market equities, alternative investments, and small and mid-cap lineups. AMG currently has 10 affiliate firms.

AMG grew mutual fund assets under management increased by 14 percent in the fourth quarter, from $26.2 billion in the third quarter to $29.9 billion in the fourth quarter. The bulk of the quarter-over-quarter increase -- 78 percent -- came from investment performance.

Total assets under management increase from $101.0 billion at the end of September to $129.8 billion at the end of December, a jump of 29 percent. Sixty two percent, or $17.7 billion of the increase was attributable to net flows or new money.  

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