BOSTON (AP) -- Affiliated Managers Group Inc. said Tuesday that its net income surged 67 percent in the first quarter as clients continued to add cash to the boutique investment firms it invests in.
Shares hit a new all-time high following the news.
For the three months ended March 31, the asset manager earned $62.4 million, or $1.15 per share. That's up from $37.4 million, or 71 cents per share, a year ago.
Stripping out one-time costs, economic earnings per share rose to $2.27 per share from $1.58 per share.
Analysts forecast earnings of $2.03 per share, according to a FactSet poll.
Shares of Affiliated Managers Group added $3.25, or 2.1 percent, to $155.06 in afternoon trading. The stock reached a fresh all-time high of $157.02 in earlier trading.
Revenue climbed 20 percent to $502.2 million from $417.7 million. The company generates revenue from investments in managers of mutual funds and from firms that manage portfolios for institutions and wealthy individuals.
Wall Street expected $520.4 million in revenue.
The Prides Crossing, Mass., company said quarterly net client cash flows totaled $12 billion, and assets under management at March 31 were $462.53 billion, up from $431.77 billion at year-end.