Affiliated Managers Group Inc. said Tuesday that its second-quarter earnings more than doubled as revenue surged.
The company, which holds stakes in hedge fund groups and other asset managers, has made several acquisitions in the past year. These include the purchase of Pantheon Ventures and a majority stake in the British fund manager Artemis Investment Management Ltd.
For the second quarter, Affiliated Managers posted a profit of $25.2 million, or 53 cents a share, up from $11 million, or 26 cents a share, a year earlier. Excluding noncash interest expense and other factors, earnings rose to $1.35, from $1. Revenue was $332.1 million, up from $201.2 million.
Affiliated Managers' affiliated investment management firms had $250 billion in aggregate assets under management at June 30 on a pro forma basis, with net client cash flows of $283 million for the quarter.
Mutual fund revenue more than doubled, to $148 million; institutional revenue jumped by half, to $152.3 million, and high-net-worth revenue climbed 16%, to $31.8 million.