Affiliated Managers reports lower quarterly net income

Company buys two more asset managers; banks may sell, WSJ reports , , ) also unveiled two more acquisitions of asset-management firms and said the performance of some of its current managers remained strong. Affiliated shares climbed 5% to $90.45 during morning trading. Meanwhile, banks including National City are considering selling their asset-management businesses. The aggregate assets under management of the company's affiliated investment management firms were roughly $254 billion at the end of June. More client money flowed out then in during the period, with net client cash outflows totaling $2.1 billion in the quarter. Affiliated owns stakes in some large hedge fund firms. The company said some of these firms, including First Quadrant, AQR and BlueMountain, generated strong results in the second quarter. Affiliated... [read full story]