AMG - Affiliated Managers stock gains after Q3 beat expanding in growth areas

Affiliated Managers Group (NYSE:AMG) stock rises 11% in midmorning trading (New York time) after Q3 earnings top expectations as the asset manager says it's continuing to expand its exposure to growth areas. Assets under management of $747.8B at Sept. 30, 2021  fell from $755.7B at June 30. Market depreciation accounts for $5.2B of the change, foreign exchange reduced AUM by $4.2B, realizations and distribution for $1.2B, partly offset by $3.3B of net client cash flows. Q3 economic EPS of $4.00 increased from $3.27 in Q3 2020 and beats the consensus of $3.91. Q3 adjusted EBITDA of $227.7M rose from $181.2M in the year-ago quarter; exceeds Visible Alpha consensus of $218.9M. AMG (AMG) is expanding its exposure to such areas as illiquid alternatives, specialty fixed income, wealth management, Asia and ESG "through additional investments in new affiliates and through supporting the growth of existing affiliates leveraging AMG's strategic resources," said President and CEO

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Affiliated Managers stock gains after Q3 beat, expanding in growth areas