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Affiliated Managers - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Affiliated Managers Group (ISIN: US0082521081, WKN: 910682) Kursdatum: 21.07.2017 Kurs: 178,350 USD
Beschreibung Daten
Symbol AMG
Marktkapitalisierung 10.165.950.464,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Sonstige
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2004-03-30 - 3:2 |
Internet
Letztes Bilanz Update 24.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
10,09 9,89 0,00% 5,58 41,37 20,81 4,63 2,81

Firmenbeschreibung

Selected Quarterly Financial Data (Unaudited)The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2014 and 2015.  2014  FirstQuarter SecondQuarter ThirdQuarter FourthQuarterRevenue $593.1 $636.3 $640.3 $641.2Operating income 193.9 198.4 224.2 198.7Income before income taxes 208.2 239.1 253.4 312.8Net income (controlling interest) 77.2 99.1 103.2 172.6Earnings per share (diluted) 1.40 1.75 1.82 3.02  2015  FirstQuarter SecondQuarter ThirdQuarter FourthQuarterRevenue $635.0 $646.6 $613.1 $589.8Operating income 231.4 195.2 215.2 193.2Income before income taxes 290.3 262.0 249.1 289.2Net income (controlling interest) 128.0 128.7 109.0 150.3Earnings per share (diluted) 2.27 2.31 1.98 2.72

Firmenstrategie

Principles of ConsolidationInvestments in AffiliatesThe Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine the appropriate method of accounting. Majority-owned or otherwise controlled investments are consolidated and all material intercompany balances and transactions are eliminated. For its consolidated Affiliates, the portion of the Owners’ Allocation allocated to Affiliate management is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Non-controlling interests on the Consolidated Balance Sheets include capital and undistributed Operating and Owners’ Allocation owned by Affiliate management of the consolidated Affiliates. The effect of any changes in the Company’s equity interests in its consolidated Affiliates resulting from the issuance or repurchase of an Affiliate’s equity by the Company or one of its Affiliates is included as a component of stockholders’ equity, net of the related income tax effect in the period of the change. The current redemption value of non-controlling interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. AMG applies the equity method of accounting to investments where AMG does not hold a controlling equity interest but has the ability to exercise significant influence over operating and financial matters. In cases where AMG applies the equity method of accounting, it does not typically have an obligation to repurchase Affiliate equity interests. Other investments in which AMG owns less than a 20% interest and does not exercise significant influence are accounted for under the cost method. Under the cost method, income is recognized as dividends when, and if, declared.Affiliate-sponsored Investment VehiclesThe Company’s Affiliates sponsor various investment vehicles where they also act as the investment advisor. Certain of these investment vehicles are variable interest entities (“VIEs”) while others are voting rights entities (“VREs”).VIEs are consolidated if the Affiliate is determined to be the primary beneficiary (i.e., if it absorbs a majority of the expected losses, or receives a majority of the expected residual returns). In determining whether the Affiliate is the primary beneficiary, both qualitative and quantitative factors (e.g., the voting rights of the equity holders, economic participation of all parties, including how fees are earned and paid, related party ownership, guarantees and implied relationships) are considered. VREs are consolidated if the Affiliate is the managing member or general partner of the investment vehicle unless unaffiliated investors have certain rights to remove the Affiliate from such role, have substantive participating rights or otherwise control the investment vehicle.

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Revenue Recognition

The Company’s consolidated revenue primarily represents advisory fees billed by Affiliates for managing the assets of clients. Asset-based advisory fees are recognized as services are rendered and are based upon a percentage of the value of client assets managed. Any fees collected in advance are deferred and recognized as income over the period earned. Performance-based advisory fees are generally assessed as a percentage of the investment performance realized on a client’s account, generally over an annual period. Performance-based advisory fees are recognized when they are earned (i.e., when they become billable to customers and are not subject to claw-back) based on the contractual terms of agreements and when collection is reasonably assured. Carried interest is recognized upon the earlier of the termination of the investment product or when the likelihood of claw-back is improbable. Also included in revenue are commissions earned by broker-dealers, recorded on a trade date basis, and other service fees recorded as earned.

The Company’s Affiliates have contractual arrangements with third parties to provide certain distribution-related services. These third parties are primarily compensated based on the value of client assets over time. Distribution-related revenues are presented gross of any related expenses when the Affiliate is the principal in its role as primary obligor under its sales and distribution arrangements. Distribution-related expenses are presented within Selling, general and administrative expenses.

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Segment Information

Management has assessed and determined that the Company operates in three business segments representing the Company’s three principal distribution channels: Institutional, Mutual Fund and High Net Worth, each of which has different client relationships. The following table summarizes the Company’s financial results for each of the distribution channels:

Statements of Income

 
 
As of and for the Year Ended December 31, 2013
 
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
 
$
948.7

 
$
1,023.0

 
$
217.1

 
$
2,188.8

Net income (controlling interest)
 
219.9

 
103.4

 
37.2

 
360.5

Total assets
 
3,196.5

 
2,448.4

 
673.9

 
6,318.8

Goodwill
 
1,076.3

 
928.1

 
337.3

 
2,341.7

Equity method investments in Affiliates
 
942.6

 
77.7

 
103.0

 
1,123.3

 
 
As of and for the Year Ended December 31, 2014
 
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
 
$
1,022.8

 
$
1,242.6

 
$
245.5

 
$
2,510.9

Net income (controlling interest)
 
227.0

 
180.1

 
45.0

 
452.1

Total assets
 
3,739.8

 
3,082.0

 
876.3

 
7,698.1

Goodwill
 
1,159.1

 
1,125.3

 
368.4

 
2,652.8

Equity method investments in Affiliates
 
1,533.8

 
150.3

 
99.4

 
1,783.5


 
 
As of and for the Year Ended December 31, 2015
 
 
Institutional
 
Mutual Fund
 
High Net Worth
 
Total
Revenue
 
$
979.4

 
$
1,238.2

 
$
266.9

 
$
2,484.5

Net income (controlling interest)
 
229.3

 
229.7

 
57.0

 
516.0

Total assets
 
3,725.9

 
3,075.5

 
983.4

 
7,784.8

Goodwill
 
1,141.3

 
1,119.5

 
407.6

 
2,668.4

Equity method investments in Affiliates
 
1,609.3

 
185.7

 
142.1

 
1,937.1


In 2013, 2014 and 2015, revenue attributable to clients domiciled outside the U.S. was approximately 38%, 37%

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Earnings Per Share


The calculation of basic earnings per share is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share is similar to basic earnings per share, but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The Company had convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of diluted earnings per share. Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.