Affiliated Managers Group (AMG) has reported 17.79 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $122.50 million, or $2.13 a share in the quarter, compared with $104 million, or $1.90 a share for the same period last year.

Revenue during the quarter went down marginally by 0.20 percent to $544.30 million from $545.40 million in the previous year period. Total expenses were 67.55 percent of quarterly revenues, up from 67.22 percent for the same period last year. That has resulted in a contraction of 34 basis points in operating margin to 32.45 percent.

Operating income for the quarter was $176.60 million, compared with $178.80 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $243.80 million compared with $215.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 524 basis points in the quarter to 44.79 percent from 39.55 percent in the last year period.

"AMG had a strong start to 2017, including year-over-year growth of 10% in our Economic earnings per share, which were $3.21 for the first quarter," stated Sean M. Healey, chairman and chief executive officer of AMG. "Through successful execution across all aspects of our growth strategy, our assets under management have grown 17% since the first quarter of 2016 to a record $754 billion ��" reflecting positive organic growth from net client cash flows over the period, the long-term track records of alpha generation by our Affiliates, and the addition of excellent new Affiliates."