WEST PALM BEACH, Jul 27, 2020 (GLOBE NEWSWIRE via COMTEX) -- Company reports EPS of $0.65, Economic EPS of $2.74 in second quarter of 2020
-- Net Income (controlling interest) of $31 million, Economic Net Income of $130 million
-- Issued $350 million 10-year senior bond, extending duration and enhancing financial flexibility
-- Announced partnership with Inclusive Capital Partners, first Affiliate wholly focused on responsible capitalism
-- Repurchased $50 million in common stock
Affiliated Managers Group, Inc. /zigman2/quotes/209583132/composite AMG +1.65% today reported its financial and operating results for the second quarter and six months ended June 30, 2020.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
"In a period of significant ongoing uncertainty, AMG reported Economic earnings per share of $2.74 for the second quarter. Net client cash flows were driven by ongoing performance headwinds concentrated in certain quantitative strategies, which offset organic growth across private markets, wealth management, and traditional and alternative fixed income strategies.
"While considerable market volatility persists, we continue to actively position our business for growth; through the disciplined execution of our strategy, along with the quality and diversity of our Affiliates, we are confident in our ability to create meaningful shareholder value over time. We have enhanced our financial flexibility and expanded our solution set for prospective Affiliates, further augmenting our ability to execute on unique opportunities arising from market dislocation. For three decades, AMG has demonstrated the ability to grow across market cycles, and we remain focused on generating long-term value by investing in leading independent boutique managers, through our proven partnership approach, and allocating resources toward the areas of highest growth and return across our opportunity set."
FINANCIAL HIGHLIGHTS Three Months Ended Six Months Ended (in millions, except as noted and per share data) 6/30/2019 6/30/2020 6/30/2019 6/30/2020 Operating Performance Measures AUM (at period end, in billions) $ 772.2 $ 638.4 $ 772.2 $ 638.4 Average AUM (in billions) 774.2 635.7 773.4 649.4 Net client cash flows (in billions) (15.1 ) (18.2 ) (22.6 ) (32.0 ) Aggregate fees 1,163.1 960.9 2,415.1 2,214.0 Financial Performance Measures Net income (loss) (controlling interest) $ 107.7 $ 30.7 $ (93.1 ) $ 15.1 Earnings (loss) per share (diluted) 2.11 0.65 (1.81 ) 0.32 Supplemental Performance Measures Adjusted EBITDA (controlling interest) $ 219.3 $ 162.1 $ 434.8 $ 362.4 Economic net income (controlling interest) 170.1 129.6 339.1 280.9 Economic earnings per share 3.33 2.74 6.59 5.90
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
During the second quarter of 2020, the Company repurchased $50 million in common stock and announced a second-quarter cash dividend of $0.01 per common share, payable August 20, 2020 to common stockholders of record as of the close of business on August 6, 2020.
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG's strategy is to generate long�?�term value by investing in leading independent active investment managers, through a proven partnership approach, and allocating resources across the Company's unique opportunity set to the areas of highest growth and return. AMG's innovative partnership approach allows each Affiliate's management team to own significant equity in their firm while maintaining operational autonomy. In addition, AMG provides centralized assistance to its Affiliates on strategy, marketing, distribution, and product development. As of June 30, 2020, AMG's aggregate assets under management were approximately $638 billion, across a broad range of active, return-oriented strategies. For more information, please visit the Company's website at www.amg.com .
Conference Call, Replay and Presentation Information
A conference call will be held with AMG's management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.
The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13705766. The live call and replay of the session, and a presentation highlighting the Company's performance can also be accessed via AMG's website at https://ir.amg.com/ .
Investor Relations: Anjali Aggarwal Media Relations: Jonathan Freedman +1 (617) 747-3300 email@example.com firstname.lastname@example.org
Financial Tables Follow
ASSETS UNDER MANAGEMENT - STATEMENT OF CHANGES (in billions)