It's been a busy news day for Affiliated Managers Group (AMG). First, the firm announced that it has increased its stake in BlueMountain Capital Aanagement, an alternatives shop that has been affiliated with AMG since 2007.

Next, AMG released its second-quarter results, which showed $7.1 billion of inflows, bringing the firm to a total of $385 billion under management.

The firm's inflows are down a bit from the $7.5 billion it attracted in the second quarter of 2011, and its revenue was $430 million, down about $30 million from the prior year's second qarter. But AMG CEO Sean Healey, who was quoted in the release, said that these "strong results" are "especially notable given the muted investor risk appetite observed by the industry in general." The full results, including the SEC filing, can be seen here.

BlueMountain, founded in 2003, manages over $7 billion from its offices in New York and London. Under the terms of the deal, here will be no changes to the firm's eight-person management team, which is led by Andrew Feldstein. 

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