28.10.2009 12:38:00

AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2009

Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the third quarter and nine months ended September 30, 2009.

For the third quarter of 2009, Cash Earnings Per Share ("Cash EPS”) were $1.05, compared to $1.28 for the same period of 2008, while diluted earnings per share for the third quarter of 2009 were $0.40, compared to $0.39 for the same period of 2008. For the third quarter of 2009, Cash Net Income was $45.6 million, compared to $52.8 million for the same period of 2008. For the third quarter of 2009, Net Income was $17.8 million, compared to $16.5 million for the same period of 2008. (Cash EPS and Cash Net Income are defined in the attached tables.)

For the third quarter of 2009, revenue was $217.5 million, compared to $290.8 million for the same period of 2008. For the third quarter of 2009, EBITDA was $60.5 million, compared to $77.2 million for the same period of 2008.

For the nine months ended September 30, 2009, Cash Net Income was $125.8 million, while EBITDA was $162.9 million. For the same period, Net Income was $34.9 million, on revenue of $597.2 million. For the nine months ended September 30, 2008, Cash Net Income was $173.1 million, while EBITDA was $254.1 million. For the same period, Net Income was $82.3 million, on revenue of $934.8 million.

Net client cash flows for the third quarter of 2009 were approximately $(1.1) billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $200 billion at September 30, 2009.

"AMG’s strong results for the third quarter reflect the significant appreciation of the equity markets during the period, as well as the excellent investment performance of our Affiliates relative to both peers and benchmarks,” stated Sean M. Healey, President and Chief Executive Officer of AMG. "Our broad range of international strategies, which now contribute over 40% of our EBITDA, generated especially significant growth. In particular, global and international equity products at Tweedy, Browne and AQR, as well as emerging markets products at Genesis, all produced outstanding results. In addition, Affiliates specializing in domestic equity and alternative strategies, such as Third Avenue and BlueMountain, generated strong investment performance in a number of their highly regarded products. Finally, we were also pleased to see the continued trend of improving client cash flows – aside from one large institutional client which moved its asset management in-house, we realized positive flows across all distribution channels.”

Mr. Healey added, "We are enthusiastic about our prospects for continued growth through accretive new investments. During this quarter, we completed our investment in Harding Loevner, a premier global and emerging markets equity manager, and we continue to actively pursue investments in a wide variety of new Affiliate opportunities. As markets recover, we are seeing increasing numbers of independent boutiques consider transactions, as well as continued divestiture activity. Our transaction pipeline includes outstanding traditional and alternative firms in both the United States and international markets. With our proven investment approach, and over $1 billion in available financial capacity, we are confident that we will continue to add materially to AMG’s growth and diversity through investments in attractive new Affiliates.”

About Affiliated Managers Group

AMG is an asset management company with equity investments in a diverse group of boutique investment management firms. AMG’s strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. AMG’s innovative transaction structure allows individual members of each Affiliate’s management team to retain or receive significant direct equity ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. For more information, please visit the Company’s website at www.amg.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG’s filings with the Securities and Exchange Commission. Reference is hereby made to the "Cautionary Statements” set forth in the Company’s Form 10-K for the year ended December 31, 2008.

AMG routinely posts information that may be significant for investors in the Investor Information section of its website, and encourages investors to consult that section regularly. For additional information, please visit www.amg.com.

A teleconference will be held with AMG’s management at 11:00 a.m. Eastern time today. Parties interested in listening to the teleconference should dial 1-877-407-9210 (domestic calls) or 1-201-689-8049 (international calls) starting at 10:45 a.m. Eastern time. Those wishing to listen to the teleconference should dial the appropriate number at least ten minutes before the call begins. The teleconference will be available for replay approximately one hour after the conclusion of the call. To access the replay, please dial 1-877-660-6853 (domestic calls) or 1-201-612-7415 (international calls) and enter Account Number 286 and Conference ID 335671. The live call and the replay of the session, and the additional financial information referenced during the teleconference, may also be accessed via the Web at www.amg.com.

Affiliated Managers Group, Inc.
Financial Highlights
(dollars in thousands, except per share data)
   
Three Months Three Months
Ended Ended
9/30/08* 9/30/09
 
Revenue $ 290,824 $ 217,461
 
Net Income (controlling interest) $ 16,471 $ 17,769
 
Cash Net Income (A) $ 52,804 $ 45,629
 
EBITDA (B) $ 77,234 $ 60,532
 
 
Average shares outstanding - diluted 42,063,538

44,267,107

 
Earnings per share - diluted $ 0.39 $ 0.40
 
Average shares outstanding - adjusted diluted (C) 41,350,622

43,523,113

 
Cash earnings per share (C) $ 1.28 $ 1.05
 
 
 

December 31,
2008*

September 30,
2009

 
Cash and cash equivalents $ 396,431 $ 225,250
 
Senior debt $ 233,514 $ -
 
Senior convertible securities (D) $ 445,535 $ 454,116
 
Junior convertible trust preferred securities (D) $ 505,034 $ 506,756
 
Stockholders’ equity $ 924,801 $ 1,104,640
Affiliated Managers Group, Inc.
Financial Highlights
(dollars in thousands, except per share data)
   
Nine Months Nine Months
Ended Ended
9/30/08* 9/30/09
 
Revenue $ 934,822 $ 597,182
 
Net Income (controlling interest) $ 82,329 $ 34,873
 
Cash Net Income (A) $ 173,079 $ 125,754
 
EBITDA (B) $ 254,110 $ 162,916
 
 
 
Average shares outstanding - diluted 41,759,696

42,835,258

 
Earnings per share - diluted $ 2.02 $ 0.82
 
Average shares outstanding - adjusted diluted (C) 40,559,841

42,005,112

 
Cash earnings per share (C) $ 4.27 $ 2.99
Affiliated Managers Group, Inc.
Reconciliations of Earnings Per Share Calculation
(dollars in thousands, except per share data)
   
Three Months Three Months
Ended Ended
9/30/08* 9/30/09
 
Net Income (controlling interest) $ 16,471 $ 17,769
Convertible securities interest expense, net (E)   48   36
Net Income (controlling interest), as adjusted $ 16,519 $ 17,805
 
Average shares outstanding - diluted 42,063,538

44,267,107

 
Earnings per share - diluted $ 0.39 $ 0.40
 
 
Nine Months Nine Months
Ended Ended
9/30/08* 9/30/09
 
Net Income (controlling interest) $ 82,329 $ 34,873
Convertible securities interest expense, net (E)   2,124   108
Net Income (controlling interest), as adjusted $ 84,453 $ 34,981
 
Average shares outstanding - diluted 41,759,696

42,835,258

 
Earnings per share - diluted $ 2.02 $ 0.82
Affiliated Managers Group, Inc.
Reconciliations of Average Shares Outstanding
   
Three Months Three Months
Ended Ended
9/30/08 9/30/09
 
Average shares outstanding - diluted 42,063,538

44,267,107

Assumed issuance of COBRA shares - -
Assumed issuance of LYONS shares (1,169,241 ) (873,803 )
Assumed issuance of 2008 Senior Convertible Notes shares - -
Assumed issuance of Trust Preferred shares - -
Dilutive impact of COBRA shares - -
Dilutive impact of LYONS shares 456,325 129,809
Dilutive impact of 2008 Senior Convertible Notes shares - -
Dilutive impact of Trust Preferred shares -   -  
Average shares outstanding - adjusted diluted (C) 41,350,622  

43,523,113

 
 
 
 
Nine Months Nine Months
Ended Ended
9/30/08 9/30/09
 
Average shares outstanding - diluted 41,759,696

42,835,258

Assumed issuance of COBRA shares (932,054 ) -
Assumed issuance of LYONS shares (1,359,360 ) (873,803 )
Assumed issuance of 2008 Senior Convertible Notes shares - -
Assumed issuance of Trust Preferred shares - -
Dilutive impact of COBRA shares 504,923 -
Dilutive impact of LYONS shares 586,636 43,657
Dilutive impact of 2008 Senior Convertible Notes shares - -
Dilutive impact of Trust Preferred shares -   -  
Average shares outstanding - adjusted diluted (C) 40,559,841  

42,005,112

 
Affiliated Managers Group, Inc.
Operating Results
(in millions)
       
Assets Under Management
 
Statement of Changes - Quarter to Date

Mutual
Fund

Institutional

High Net
Worth

Total
 
Assets under management, June 30, 2009 $ 35,192 $ 111,926 $ 26,686 $ 173,804
Client cash inflows 2,298 5,503 1,596 9,397
Client cash outflows   (2,294 )   (6,732 )   (1,475 )   (10,501 )
Net client cash flows   4     (1,229 )   121     (1,104 )
New investments (F) 2,669 1,661 1,258 5,588
Investment performance 5,539 16,876 2,955 25,370
Other (G)   (248 )   (1,851 )   (2,231 )   (4,330 )

Assets under management, September 30,
 2009

$ 43,156   $ 127,383   $ 28,789   $ 199,328  
 
 
 
Statement of Changes - Year to Date

Mutual
Fund

Institutional

High Net
Worth

Total
 
Assets under management, December 31, 2008 $ 34,704 $ 109,450 $ 25,991 $ 170,145
Client cash inflows 5,700 20,693 4,212 30,605
Client cash outflows   (7,957 )   (24,873 )   (4,837 )   (37,667 )
Net client cash flows   (2,257 )   (4,180 )   (625 )   (7,062 )
New investments (F) 2,669 1,661 1,258 5,588
Investment performance 8,288 27,022 4,466 39,776
Other (G)   (248 )   (6,570 )   (2,301 )   (9,119 )

Assets under management, September 30,
  2009

$ 43,156   $ 127,383   $ 28,789   $ 199,328  
Affiliated Managers Group, Inc.
Operating Results
(in thousands)
       
Financial Results
 
 
Three Three
Months Months
Ended Percent Ended Percent
9/30/08* of Total 9/30/09 of Total
Revenue
Mutual Fund $ 115,170 39 % $ 80,682 37 %
Institutional 141,647 49 % 109,918 51 %
High Net Worth   34,007 12 %   26,861 12 %
$ 290,824 100 % $ 217,461 100 %
 
EBITDA (B)
Mutual Fund $ 25,091 33 % $ 14,514 24 %
Institutional 43,291 56 % 38,230 63 %
High Net Worth   8,852 11 %   7,788 13 %
$ 77,234 100 % $ 60,532 100 %
 
 
 
Nine Nine
Months Months
Ended Percent Ended Percent
9/30/08* of Total 9/30/09 of Total
Revenue
Mutual Fund $ 376,013 40 % $ 221,380 37 %
Institutional 449,135 48 % 293,646 49 %
High Net Worth   109,674 12 %   82,156 14 %
$ 934,822 100 % $ 597,182 100 %
 
EBITDA (B)
Mutual Fund $ 86,312 34 % $ 43,781 27 %
Institutional 138,042 54 % 97,357 60 %
High Net Worth   29,756 12 %   21,778 13 %
$ 254,110 100 % $ 162,916 100 %
Affiliated Managers Group, Inc.
Reconciliations of Performance and Liquidity Measures
(in thousands)
   
 
Three Months Three Months
Ended Ended
9/30/08* 9/30/09
 
Net Income (controlling interest) $ 16,471 $ 17,769
Intangible amortization 13,501 16,120
Intangible-related deferred taxes 14,093 6,181
APB 14-1 expense 5,041 2,067
Affiliate equity expense 1,987 1,579
Affiliate depreciation   1,711     1,913  
Cash Net Income (A) $ 52,804   $ 45,629  
 
Cash flow from operations $ 187,275 $ 80,162
Interest expense, net of non-cash items 16,308 14,249
Current tax provision 6,212 63
Income from equity method investments, net of distributions 2,156 2,484
Changes in assets and liabilities and other adjustments   (134,717 )   (36,426 )
EBITDA (B) $ 77,234   $ 60,532  
Holding company expenses   20,333     11,426  
EBITDA Contribution $ 97,567   $ 71,958  
 
Nine Months Nine Months
Ended Ended
9/30/08* 9/30/09
 
Net Income (controlling interest) $ 82,329 $ 34,873
Intangible amortization 40,301 48,120
Intangible-related deferred taxes 32,154 25,296
APB 14-1 expense 6,498 6,177
Affiliate equity expense

6,860

5,474
Affiliate depreciation   4,937     5,814  
Cash Net Income (A) $ 173,079   $ 125,754  
 
Cash flow from operations $ 430,056 $

168,067

Interest expense, net of non-cash items

52,103

42,899
Current tax provision 31,713 (9,108 )
Income from equity method investments, net of distributions (9,990 ) 3,293
Changes in assets and liabilities and other adjustments  

(249,772

)  

(42,235

)
EBITDA (B) $ 254,110   $ 162,916  
Holding company expenses   53,574     32,474  
EBITDA Contribution $ 307,684   $ 195,390  
Affiliated Managers Group, Inc.
Consolidated Statements of Income
(dollars in thousands, except per share data)
       
Three Months Ended Nine Months Ended
September 30, September 30,
2008* 2009 2008* 2009
 
Revenue $ 290,824 $ 217,461 $ 934,822 $ 597,182
 
Operating expenses:
Compensation and related expenses 123,703 105,237 415,605 292,770
Selling, general and administrative 53,482 28,294 154,510 92,958
Amortization of intangible assets 8,562 8,293 25,463 24,430
Depreciation and other amortization 2,996 3,167 8,672 9,649
Other operating expenses   4,898     10,865     15,361     21,351  
  193,641     155,856     619,611     441,158  
Operating income   97,183     61,605     315,211    

156,024

 
 
Non-operating (income) and expenses:
Investment and other (income) loss 3,865 (6,614 ) 5,378 (13,564 )
Income from equity method investments (13,177 ) (8,203 ) (40,579 ) (21,970 )

Investment (income) loss from Affiliate
 investments in partnerships (H)

22,841 (14,914 ) 31,771

(26,065

)
Interest expense   19,883     19,540     59,747     58,681  
  33,412     (10,191 )   56,317    

(2,918

)
 
Income before income taxes 63,771 71,796 258,894 158,942
 
Income taxes - current 6,212 63 31,713 (9,108 )
Income taxes - intangible-related deferred 14,093 6,181 32,154 25,296
Income taxes - other deferred   4,078       (2,308 )   (806 )     (4,595 )
Net income 39,388 67,860 195,833 147,349
 
Net income (non-controlling interests) (H) (44,914 ) (35,459 ) (143,738 ) (87,008 )

Net (income) loss (non-controlling interests in
 partnerships) (H)

21,997 (14,632 ) 30,234 (25,468 )
       
Net Income (controlling interest) $ 16,471   $ 17,769   $ 82,329   $ 34,873  
 
Average shares outstanding - basic 39,522,159 41,854,249 37,770,720 41,115,819
Average shares outstanding - diluted 42,063,538

44,267,107

41,759,696

42,835,258

 
Earnings per share - basic $ 0.42 $ 0.42 $ 2.18 $ 0.85
Earnings per share - diluted $ 0.39 $ 0.40 $ 2.02 $ 0.82
Affiliated Managers Group, Inc.
Consolidated Balance Sheets
(in thousands)
  December 31,   September 30,
2008* 2009
Assets
Current assets:
Cash and cash equivalents $ 396,431 $ 225,250
Investment advisory fees receivable 131,099 132,160
Affiliate investments in partnerships (H) 68,789 95,587
Affiliate investments in marketable securities 10,399 16,574
Prepaid expenses and other current assets   23,968     24,975  
Total current assets 630,686 494,546
 
Fixed assets, net 71,845 64,874
Equity investments in Affiliates 678,887 662,854
Acquired client relationships, net 491,408 585,604
Goodwill 1,243,583 1,406,615
Other assets   96,291     110,043  
Total assets $ 3,212,700   $ 3,324,536  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $ 183,794 $ 130,201
Payables to related party   26,187     87,847  
Total current liabilities 209,981 218,048
 
Senior debt 233,514 -
Senior convertible securities (D) 445,535 454,116
Junior convertible trust preferred securities (D) 505,034 506,756
Deferred income taxes 319,491 323,308
Other long-term liabilities   30,414     26,329  
Total liabilities 1,743,969 1,528,557
 
Redeemable non-controlling interests 297,733 362,833
 
Equity:
Common stock 458 458
Additional paid-in capital 817,713 671,588
Accumulated other comprehensive income (4,081 ) 36,515
Retained earnings   813,664     848,537  
1,627,754 1,557,098
Less treasury stock, at cost   (702,953 )   (452,458 )
Total stockholders’ equity 924,801 1,104,640
 
Non-controlling interests (H) 180,732 236,517
Non-controlling interests in partnerships (H)   65,465     91,989  
 
Total equity   1,170,998     1,433,146  
Total liabilities and equity $ 3,212,700   $ 3,324,536  
Affiliated Managers Group, Inc.
Consolidated Statements of Cash Flow
(in thousands)
  Three Months Ended   Nine Months Ended
September 30, September 30,
2008*   2009 2008*   2009
Cash flow from operating activities:
Net income $ 39,388 $ 67,860 $ 195,833 $ 147,349
Adjustments to reconcile Net income to net cash flow
from operating activities:
Amortization of intangible assets 8,562 8,293 25,463 24,430
Amortization of issuance costs 1,195 1,843 2,404 5,479
Depreciation and other amortization 2,996 3,167 8,672 9,649
Deferred income tax provision 18,171 3,873 31,348 20,701
Accretion of interest 2,380 3,448 5,240 10,303

Income from equity method investments, net of
 amortization

(13,177 ) (8,202 ) (40,579 ) (21,970 )

Distributions received from equity method investments

15,960 13,725 65,407 42,545
Tax benefit from exercise of stock options 488 1,715 2,767 3,174
Stock option expense 3,802 2,560 11,202 5,695
Affiliate equity expense 3,144 3,150 10,754 9,869
Other adjustments 30,034

(14,605

) 36,314

(33,302

)
Changes in assets and liabilities:

(Increase) decrease in investment advisory fees
  receivable

8,480 (17,051 ) 67,404 845

(Increase) decrease in Affiliate investments in
  partnerships

3,866 - (2,790 ) 331

(Increase) decrease in prepaids and other current
  assets

5,442 (811 ) 23,822 (10,024 )
(Increase) decrease in other assets 433 (46 ) 9,544 2,869

Increase (decrease) in accounts payable, accrued
  liabilities and other long-term liabilities

  56,111     11,243     (22,749 )   (49,876 )
Cash flow from operating activities   187,275     80,162     430,056    

168,067

 
Cash flow used in investing activities:

Investments in Affiliates

- (137,860 ) (60,910 ) (139,271 )
Purchase of fixed assets (2,950 ) (438 ) (8,091 ) (1,653 )
Purchase of investment securities (9,191 ) - (32,635 ) (11,746 )
Sale of investment securities   9,144     1,584     24,146     7,303  
Cash flow used in investing activities   (2,997 )   (136,714 )   (77,490 )   (145,367 )
Cash flow from (used in) financing activities:
Borrowings of senior bank debt 65,000 - 366,000 -
Repayments of senior bank debt (398,000 ) - (645,500 ) (233,514 )
Issuance of senior convertible notes 460,000 - 460,000 -
Settlement of convertible securities - - (208,730 ) -
Issuance of common stock 5,980 18,139 238,781 29,760
Repurchase of common stock (29,796 ) - (54,550 ) -
Issuance costs (26,223 ) (288 ) (28,164 ) (1,209 )
Excess tax benefit from exercise of stock options 1,294 2,750 11,101 3,836
Settlement of derivative contracts - - 8,154 -
Settlement of forward equity sale agreement - - - 144,258
Note payments (563 ) 7,196 1,263 2,718
Distributions to non-controlling interests (45,933 ) (14,962 ) (231,019 )

(102,087

)
Repurchases of Affiliate equity (3,141 ) (7,502 ) (89,822 ) (40,308 )

Subscriptions (redemptions) of Non-controlling
 interests in partnerships

  (1,667 )   -     1,989     (471 )
Cash flow from (used in) financing activities   26,951     5,333     (170,497 )  

(197,017

)
 

Effect of foreign exchange rate changes on cash and
 cash equivalents

(1,456 ) 2,100 (2,013 ) 3,136
Net increase (decrease) in cash and cash equivalents 209,773 (49,119 ) 180,056 (171,181 )
Cash and cash equivalents at beginning of period   193,237     274,369     222,954     396,431  
Cash and cash equivalents at end of period $ 403,010   $ 225,250   $ 403,010   $ 225,250  
Affiliated Managers Group, Inc.
Notes  
 
* In the first quarter of 2009, the Company adopted Statement of Financial Accounting Standards ("FAS”) No. 141 (revised 2007), "Business Combinations” ("FAS 141R”), FAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51” ("FAS 160”), Emerging Issues Task Force Topic No. D-98 "Classification and Measurement of Redeemable Securities” ("Topic D-98”) and FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (including Partial Cash Settlement)” ("APB 14-1”), each of which is discussed in further detail in its Quarterly Report on Form 10-Q for the first quarter of 2009. These accounting changes have been retrospectively applied to prior periods, and are reflected in the financial results presented herein.
 
(A) Under our Cash Net Income definition, we add to Net Income (controlling interest) amortization (including equity method amortization) and deferred taxes related to intangible assets and Affiliate depreciation and equity expenses, and exclude the effect of APB 14-1. This supplemental non-GAAP performance measure is provided in addition to, but not as a substitute for, Net Income. The Company considers Cash Net Income an important measure of its financial performance, as management believes it best represents operating performance before non-cash expenses relating to the acquisition of interests in its affiliated investment management firms. Cash Net Income is used by the Company’s management and Board of Directors as a principal performance benchmark.
 
The Company adds back amortization attributable to acquired client relationships because this expense does not correspond to the changes in value of these assets, which do not diminish predictably over time. The portion of deferred taxes generally attributable to intangible assets (including goodwill) that it no longer amortizes but which continues to generate tax deductions is added back because the Company believes it is unlikely these accruals will be used to settle material tax obligations. The Company adds back non-cash expenses relating to certain transfers of equity between Affiliate management partners when these transfers have no dilutive effect to shareholders. The Company adds back the portion of consolidated depreciation expense incurred by Affiliates because under its Affiliate operating agreements, the Company is generally not required to replenish these depreciating assets.
 
In connection with the recent accounting changes described above, in the first quarter of 2009 the Company modified its Cash Net Income definition to add back Affiliate equity and APB 14-1 expenses (both net of tax). In prior periods, Cash Net Income was defined as "Net Income plus amortization and deferred taxes related to intangible assets plus Affiliate depreciation.” Under this definition, Cash Net Income reported for the three and nine months ended September 30, 2008 was $54,153 and $170,313, respectively.
 
(B) EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. This supplemental non-GAAP liquidity measure is provided in addition to, but not as a substitute for, cash flow from operations. As a measure of liquidity, the Company believes EBITDA is useful as an indicator of its ability to service debt, make new investments and meet working capital requirements. EBITDA, as calculated by the Company, may not be consistent with computations of EBITDA by other companies. In reporting EBITDA by segment, Affiliate expenses are allocated to a particular segment on a pro rata basis with respect to the revenue generated by that Affiliate in such segment.
 
(C) Cash earnings per share represents Cash Net Income divided by the adjusted diluted average shares outstanding. In this calculation, the potential share issuance in connection with the Company’s convertible securities is measured using a "treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the contingently convertible securities and the junior convertible trust preferred securities in excess of par, if any, are deemed to be outstanding. The Company believes the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of common stock) that occurs when these securities are converted and the Company is relieved of its debt obligation. This method does not take into account any increase or decrease in the Company’s cost of capital in an assumed conversion.
 
(D) In accordance with APB 14-1, the Company has bifurcated certain of its convertible debt securities into their debt and equity components on its balance sheet. The senior convertible securities balance consists of zero coupon senior convertible notes, which were not required to be bifurcated, and senior convertible notes due 2038. The principal amount at maturity of the senior convertible notes due 2038 was $460,000 at December 31, 2008 and September 30, 2009. The principal amount at maturity of the junior convertible trust preferred securities was $730,820 at December 31, 2008 and September 30, 2009.
 
(E) Convertible securities interest expense, net, includes the interest expense, net of tax, associated with the Company’s dilutive convertible securities (including the incremental interest expense attributable to APB 14-1 but excluding the interest expense associated with the Company’s mandatory convertible securities).
 
(F) The Company completed its investment in Harding Loevner LP during the third quarter of 2009.
 
(G) Other includes assets under management attributable to Affiliate product closings and transfers of the Company's interests in certain Affiliated investment management firms, the financial effects of which are not material to the Company’s ongoing results.
 
(H)

Income attributable to non-controlling interests on the Company’s income statement represents the profits allocated to Affiliate management owners and investors in certain Affiliate investments in partnerships that the Company is required to consolidate. Non-controlling interests on the Company’s balance sheet represents the undistributed profits and capital owned by Affiliate management, who retain a conditional right to sell their interests to the Company. Non-controlling interests in partnerships on the Company’s balance sheet represent the net assets owned by investors in certain Affiliate investment partnerships, who retain the conditional right to redeem their interests to the investment partnership.

Analysen zu Affiliated Managers Group Inc.mehr Analysen

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!

Aktien in diesem Artikel

Affiliated Managers Group Inc. 188,46 -0,42% Affiliated Managers Group Inc.