Affiliated Managers Group rises after Q4 profit beat

Affiliated Managers

05/02/2024 17:10

** Shares of asset manager Affiliated Managers Group  AMG.N 
rise 3.2% to $154.49
    ** Co posts Q4 adjusted earnings of $6.86/shr vs analysts'
expectation of $6.02/shr - LSEG data 
    ** Results reflect continued strength in private markets
fundraising, offset by fundamental equities - AMG
    ** Q4 assets under management rose to $672.7 bln from $650.8
bln a year earlier
    ** Co expects strong demand from clients to support ongoing
fundraising momentum in 2024 - conf call
    ** Q4 rev fell 6.8% compared with year earlier to $502.7 mln
    ** Stock fell 4.4% in 2023

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))