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AMG adds another firm, climbs on results

Sean Healey is AMG’s CEO and chairman.
The Boston Globe - The Boston Gl
Sean Healey is AMG’s CEO and chairman.

Affiliated Managers Group Inc. soared on news that it added another boutique money manager to its growing collection. The Prides Crossing firm also reported first-quarter economic net income that rose 11 percent to $137.9 million, or $2.48 per share, beating analyst estimates. Economic net income climbed to $137.9 million, compared to $124.2 million a year ago. AMG said it will acquire a majority stake in Veritas Asset Management LLP, a global equities manager with $17 billion in assets and 32 employees. Veritas is AMG’s fourth acquisition since December.