Affiliated Managers Group (AMG) beat analysts' estimate of $0.98 earnings per diluted share by two cents for the second quarter.

AMG gained $7.4 billion in assets to $102.2 billion in assets under management this quarter, up 7.8 percent from $94.8 billion at the end of the first quarter.

Mutual fund assets increased by $617 million, or 2.5 percent from $25.2 billion in the first quarter to $25.8 billion in the second quarter.

"[The Fremont] acquisition…further diversifies Managers Funds' product offerings and enhances its distribution capabilities by opening additional distribution channels to Managers Funds products, stated Sean Healey, president and chief operating officer.

"Looking ahead, we are also making excellent progress in pursuing additional investment opportunities in high quality mid-sized firms," Healey continued. 

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