Affiliated Managers Group said yesterday that its second-quarter profit surged 81 percent as asset inflows increased from mutual fund, institutional, and high-net-worth investors.
The Beverly asset manager’s results exceeded Wall Street expectations.
Net income rose to $45.5 million, or 85 cents per share, from $25.2 million, or 53 cents per share.
Revenue grew 39 percent to $462.3 million from $332.1 million, led by institutional investor funds, which saw revenue climb 54 percent.
Mutual fund revenue grew nearly 30 percent.
Revenue from high-net-worth investors climbed 13 percent.
Excluding one-time costs, economic earnings per share were $1.71, up from $1.35 a year earlier. Analysts expected $1.64.
Economic earnings exclude some expenses, such as amortization and deferred taxes related to intangible assets.
Affiliated Managers Group considers economic earnings a key measure of performance because it represents operating performance before certain expenses tied to acquisitions of interests in affiliated management firms.
The firm said net client cash flows for the second quarter were $7.5 billion. Assets under management as of June 30 were $348.41 billion, up from $339.83 at the end of March.
“We continue to see strong demand from global institutional clients for return-oriented strategies in global and emerging markets equities and alternative strategies, which together contribute over 70 percent of our earnings,’’ said chief executive Sean M. Healey.
