Affiliated Managers Group Inc. of Prides Crossing, Mass., said strong asset inflows drove a 4% increase in its first-quarter profit, to $36.6 million.
The asset manager said performance was "excellent" in alternative investments products and international equities.
Cash earnings per share increased 12.6%, to $1.43, from a year earlier, but missed analyst estimates by 2 cents, according to Thomson Financial. Revenue rose 11.4%, to $309.8 million, from a year earlier and assets under management increased 23%, to $250 billion.
Affiliated owns stakes in more than two dozen investment managers, including the value equities firm Third Avenue Management and the quantitative manager AQR Capital Management. It announced its first-quarter results Wednesday.
