Asset manager AMG slides after downbeat Q4 profit forecast

Affiliated Managers

04/11/2024 20:44

** Shares of asset manager AMG  AMG.N  fall as much as
10.4%; last down 9.6% at $175.20
    ** AMG expects Q4 adjusted profit to be between $5.94 and
$6.17 per share, compared with Wall Street expectations of
$7.26/shr, according to data compiled by LSEG
    ** Company also expects full-year performance fees to be
below its historical average of $150 mln due to underperformance
at certain investment strategies
    ** Meanwhile, AMG's Q3 adjusted profit of $4.82/shr also
missed Wall Street expectations of $4.84/shr - LSEG data
    ** Morningstar remains upbeat on AMG; says there was little
in Q3 results that would alter its long-term view of the firm
    ** Adds that AMG shares are slightly undervalued right now
    ** As of last close, AMG shares up 28% YTD

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