Affiliated Managers 3Q earnings rise; invests in Cooke & Bieler |
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Wed, 24 Oct 2007 13:51
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NEW YORK (Thomson Financial) - Affiliated Managers Group Inc. Wednesday said third-quarter income rose to $42.6 million, or $1.07 a share, from $33.1 million, or 87 cents a share, in the same period last year.Third-quarter sales rose to $345.6 million from $280.4 million from last year.Affiliated said its cash earnings per share came to $1.56 a share. The mean estimate of analysts polled by Thomson Financial was for earnings of $1.54 a share and sales of $342 million in the third quarter.The company also announced an agreement to invest in Cooke & Bieler, a value equity manager, and said 'the momentum of our new investment activity remains strong, and we are currently engaged in advanced discussions with some of the best traditional and alternative boutique firms in the industry.'Shares of the Prides Crossing, Mass.-based asset management services company closed Tuesday at $131.50.Melinda Peermp/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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