Reuters: Private Equity: UPDATE 1-Affiliated Manager qtrly profit beats Street

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UPDATE 1-Affiliated Manager qtrly profit beats Street May 1st 2012, 12:16 Tue May 1, 2012 8:16am EDT May 1 (Reuters) - Affiliated Managers Group Inc's quarterly profit beat Wall Street estimates as clients put more money in the asset manager's funds. The Boston company on Tuesday reported net income of $37.4 million, or 71 cents per share, down from $39.1 million, or $74 per share, a year earlier. Cash net income -- which includes amortization and taxes among other items, and is followed by many analysts -- was $83.5 million, or $1.58 a share, compared with $85.1 million, or $1.60 a share, a year earlier. Analysts polled by Thomson Reuters I/B/E/S had expected cash net income of $1.56 per share. The asset manager said net inflows totaled $7.1 billion in the fourth quarter. The aggregate assets under management at its affiliated investment management firms were about $363.93 billion as of March 31. Shares of the company closed at $113.62 on Monday on the New York Stock Exchange.

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