For the first quarter of 2013, Economic earnings per share ("Economic EPS") were $2.27, compared to $1.58 for the same period of 2012, while diluted earnings per share for the first quarter of 2013 were $1.15, compared to $0.71 for the same period of 2012. For the first quarter of 2013, Economic net income was $124.2 million, compared to $83.5 million for the same period of 2012. For the first quarter of 2013, Net income was $62.4 million, compared to $37.4 million for the same period of 2012. For the first quarter of 2013, EBITDA was $175.0 million, compared to $114.1 million for the same period of 2012. (Economic EPS, Economic net income, and EBITDA are defined in the attached tables, along with comparisons to the appropriate GAAP measure.)
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Net client cash flows for the first quarter of 2013 were $12.0 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $463 billion at March 31, 2013.
"With strong year-over-year growth in our earnings and record net client cash flows of $12 billion in the first quarter, AMG has had an excellent start to 2013," stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. "Our Economic earnings per share increased 44% over the first quarter of 2012 – adjusting for the impact of the early realization of performance fees, the increase was 30% – reflecting continued strong organic growth and excellent execution across all areas of our business."
"This quarter marks AMG’s twelfth consecutive quarter of strong net client cash flows generated by the successful execution of our global distribution strategy and our Affiliates’ excellent investment performance," Mr. Healey continued. "Our Affiliates’ industry-leading products, particularly in global and emerging markets equities and alternatives, continue to see strong demand around the world, especially given the long-term track records of outperformance at Affiliates such as Tweedy, Browne, Harding Loevner, Genesis, BlueMountain, and AQR. As we continue to enhance the breadth and depth of our global distribution platform, including into additional coverage regions, we see substantial opportunities for our Affiliates to generate new business and win further market share globally."
"Finally, we continue to make progress with a diverse pipeline of prospective Affiliates around the world," Mr. Healey concluded. "With our unique competitive position and a favorable transaction environment, we are actively pursuing an array of opportunities across outstanding traditional and alternative firms, and we are confident in our prospects for continued meaningful growth through accretive new investments."
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