Earnings rise at Affiliated Managers Group

Investment-management firm Affiliated Managers Group Inc. said Wednesday its fourth-quarter earnings rose 24 percent due to growth in international management.

Net income increased to $60.9 million, or $2.15 per share, from $49 million, or $1.79 per share, during the same period the previous year.

Revenue increased to $383 million, from $328.8 million during the final quarter of 2006.

"Highlights of the quarter included the strong investment performance of our global and international managers, such as Tweedy, Browne and Genesis," Sean Healey, Affiliated Managers president and chief executive, said in a statement.

Affiliated Managers opened a distribution office in Sydney, Australia, and is planning to open an office in London in the near future.

Assets under management increased to $274.8 billion as of Dec. 31 from $241.1 billion a year earlier. Assets under management declined slightly from the end of the third quarter, when Affiliated Managers managed $276.8 billion.

For the full year, Affiliated Managers earned $182 million, or $4.58 per share, compared with earnings of $151.3 million, or $3.74 per share, in 2006. (AP)