Affiliated Managers Group, Inc. (NYSE:AMG) today reported its financial and operating results for the third quarter and nine months ended September 30, 2016.

For the third quarter of 2016, diluted earnings per share were $2.00, compared to $1.96 for the same period of 2015, and Economic earnings per share (“Economic EPS”) were $3.02, compared to $2.92 for the same period of 2015. For the third quarter of 2016, Net income was $109.2 million, compared to $107.7 million for the same period of 2015. For the third quarter of 2016, Economic net income was $164.5 million, compared to $159.8 million for the same period of 2015. For the third quarter of 2016, Adjusted EBITDA was $219.8 million, compared to $218.9 million for the same period of 2015. (Economic EPS, Economic net income, and Adjusted EBITDA are defined in the attached tables, along with reconciliations to the most directly comparable GAAP measure.)

For the nine months ended September 30, 2016, Net income was $321.1 million, Economic net income was $491.0 million, and Adjusted EBITDA was $655.8 million. For the nine months ended September 30, 2015, Net income was $362.0 million, Economic net income was $491.4 million, and Adjusted EBITDA was $679.1 million.

Net client cash flows for the third quarter of 2016 were $5.8 billion. AMG’s aggregate assets under management were approximately $730 billion at September 30, 2016, pro forma for a pending investment and investments which have since closed.

“AMG generated strong results for the third quarter, including Economic earnings per share of $3.02 and record assets under management of approximately $730 billion, which represents a 23% increase over the year-ago period,” stated Sean M. Healey, Chairman and Chief Executive Officer of AMG. “Our results reflect excellent execution across all aspects of our business, including ongoing organic growth, the long-term investment outperformance of our Affiliates, and the continued success of our strategy to partner with the highest-quality boutiques worldwide.”

“Despite muted industry demand for actively-managed strategies overall in the third quarter, AMG generated positive net client cash flows of $5.8 billion across our diverse performance-oriented product set,” Mr. Healey continued. “Our net client cash flows, which were positive across all client channels and geographies, reflect clients’ increasing recognition of the competitive advantages of independent boutique firms in generating alpha – even in a low-return environment. AMG is one of the leading providers of value-added strategies globally, and with our Affiliates’ outstanding offerings across a broad range of highly attractive product areas, including global and emerging markets equities and one of the industry’s largest and most diverse alternative strategy sets, we are well-positioned for strong long-term organic growth.”

“We continue to have a unique opportunity to partner with the best alpha-generating firms around the world,” Mr. Healey concluded. “With our distinct investment approach and two-decade track record of successful partnerships, as well as our global scale, including proven capabilities to enhance our Affiliates’ asset-gathering efforts in key markets around the world, AMG is the partner of choice for the most highly-regarded firms globally. We are confident in our ability to generate meaningful earnings growth through accretive new investments in outstanding new Affiliates.”

About AMG

AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate growth through the internal growth of existing Affiliates, as well as through investments in new Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of September 30, 2016, AMG’s aggregate assets under management were approximately $730 billion, pro forma for a pending investment and investments which have since closed, in more than 500 investment products across a broad range of investment styles, asset classes and distribution channels. For more information, please visit the Company’s website at www.amg.com.