AMG - Affiliated Managers stock jumps 12% on Q3 earnings beat

• Affiliated Managers ( NYSE: AMG ) stock jumped 12% to an 11-week high on Monday after the investment management firm reported better-than-expected Q3 results .
• Q3 adj. EPS was $4.21 vs. $4 in Q3 2021.
• Revenue rose 0.6% Y/Y to $578.6M, with AUM as of Sept. 30 at $644.6B (vs. $690.9B as of Jun. 30 and $747.8B as of Sept 30, 2021).
• "While impacted by ongoing client de-risking, particularly in global equities, net client cash flows improved in the quarter and included strong inflows in our alternative strategies," said CEO Jay Horgen.
• Affiliated Managers ( AMG ) also announced the sale of its minority stake in Baring Private Equity Asia and investment in a new affiliate, which is a $4B private markets firm specializing in communications infrastructure.
• "Proceeds from the sale of our minority interest in BPEA significantly enhance our financial flexibility," Horgen noted.
• During Q3, Affiliated Managers ( AMG ) repurchased ~$80M in stock, bringing total YTD buybacks to ~$345M.
• The company's board also increased its stock repurchase authorization to 5.8M shares.
• Shares of Affiliated Managers ( AMG ) have fallen ~17% YTD.

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