AMG - Affiliated Managers ticks down in trade despite Q3 earnings beat

For Q3, Affiliated Managers ([[AMG]] -3.0%) reported adj. EBITDA of $181M (+12% Q/Q) led by strong Affiliate investment returns more than offsetting challenges in certain quantitative strategies.Affiliate Returns: Strong long-term investment performance (AUMA ahead of benchmark):Strategy-wise, equities contribute 55% to EBITDA while alternatives and multi-asset account for 37% and 8% respectively.Net income of $71M or $1.71/share (vs. $1.53 in year ago quarter); economic net income stood at $152M or $3.16/economic share (vs. $3.27).Assets under management as of Sep.30, 2020 stood at $653.5M vs. $750.7M in year ago period.AMG holds ~$2B capital available to deploy into growth investments; holds a $1.25B credit facility with no debt maturities until 2023.During Q3, the company repurchased ~$85M in stock; announced a cash dividend of $0.01/share payable on Nov.20 to stockholders as of record Nov.5.AMG issued $275M 40-year hybrid bond, further extending balance sheet duration and enhancing liquidity.Previously: Affiliated Managers EPS beats by $0.31, beats on revenue

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Affiliated Managers ticks down in trade despite Q3 earnings beat