Affiliated Managers Group Inc.'s said that its second-quarter net income rose 24% from a year earlier, to $41.9 million, on strong asset growth from its more than two dozen investment management units.
Cash earnings per share rose 16.9%, to $1.52, which beat the average analyst estimate by 3 cents, according to Thomson Financial. Related Links
Revenue increased 17% to $331.5 million and assets under management were up 32.2%, to $267 billion, the Boston company announced on Wednesday.
Sean Healey, its chief executive officer, said during an earnings call Wednesday that it is considering buying stakes in more alternative investment managers and traditional managers.
AMG already owns a stake in other alternative asset managers including AQR Capital Management, a Greenwich, Conn., quantitative investment manager.
"We are pursuing a number of opportunities to invest in attractive alternative managers that are interested in a structure similar to our investment in AQR," Mr. Healey said.
