AMG beats Street expectations

Asset management firm Affiliated Managers Group Inc. said today that asset inflows and better performance from its funds lifted first-quarter profit by 4%. Net Income for the first quarter was $36.6 million, compared to $35.2 million for the first quarter of 2006. Boston-based AMG owns stakes in more than two dozen investment managers including value equities firm Third Avenue Management and quantitative manager AQR Capital Management. “AMG is well-positioned for strong results going forward, especially in high-growth areas such as alternative investments and international equities,” said Sean M. Healey, president and chief executive of AMG, in a statement.