Analyst Note| Greggory Warren, CFA |
There was little in narrow-moat-rated Affiliated Managers Group's first-quarter results that would alter our long-term view of the firm. We are leaving our $136 per share fair value estimate in place. AMG closed out the March quarter with $738 billion in managed assets, up 3% sequentially and 23% year over year. While net outflows of $7.5 billion--driven primarily by global equities ($8 billion) and U.S. equities ($1.1 billion)--during the quarter were on par with our expectations of $8.4 billion in outflows, the firm had much stronger performance than we were forecasting, which helped drive higher fee income during the period.