Affiliated Managers Group Inc. (AMG) said Wednesday that second quarter profit declined from last year, hurt by lower revenue amid volatility in the global economy.
The asset management company posted net income of $11 million or $0.26 per share for the second quarter, compared to $34.6 million or $0.82 per share in the prior year quarter. Excluding items, cash net income was $42.4 million or $1.00 per share, compared to $62.1 million or $1.49 per share in the year-ago quarter.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.96 per share for the second quarter. Analysts' estimates typically exclude special items.
Second quarter revenue declined to $201.2 million from $309.0 million in the same quarter of last year. Eight analysts had a consensus revenue estimate of $194.49 million for the second quarter.
Revenues from Mutual fund dropped 42.6% to $72.4 million, Institutional investment declined 31.2% to $101.5 million, and revenues from High net worth was $27.4 million, down 23% from the year-ago quarter.
Assets under management rose to $173.8 billion at the end the quarter from $152.9 billion at the end of prior quarter.
For the first half of 2009, the company reported net income of $17.1 million or $0.41 per share, compared to $65.9 million or $1.63 per share in the year-ago period.
Cash net income fell to $80.1 million or $1.94 per share from $120.3 million or $3.00 per share in the prior year period.
Revenue for the year-to-date period decreased to $379.7 million from $644.0 million in the previous year period.
AMG is currently trading at $62.41, down 30 cents.
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