Affiliated Managers Group Inc. on Monday posted a decline in profit for the third quarter after seeing a rise in costs and a swing to net client cash losses amid lower assets under management.
The partner to independent active investment management firms said net income fell to $112.6 million, or $2.80 a share, from $128.4 million, or $3.00 a share, for the same period a year earlier.
Revenue rose to $578.6 million from $575.2 million. Analysts polled by FactSet had been forecasting revenue of $553.2 million.
The company said it saw net client cash flows swing to a loss of $8.8 billion from positive flows of $3.3 billion in the year-earlier period.
Assets under management also fell to $644.6 billion from $747.8 billion a year earlier, it said.