Revenue during the quarter surged 31.15 percent to $196.20 million from $149.60 million in the previous year period. Total expenses were 88.02 percent of quarterly revenues, up from 72.59 percent for the same period last year. That has resulted in a contraction of 1543 basis points in operating margin to 11.98 percent.

Operating income for the quarter was $23.50 million, compared with $41 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $59.90 million compared with $45.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 25 basis points in the quarter to 30.53 percent from 30.28 percent in the last year period.

“OMAM delivered strong operating performance and financial results during the first quarter,” said Peter L. Bain, OMAM’s president and chief executive officer. “Assets under management grew 4% from year-end, driven by solid investment performance in a rising market environment, particularly in areas such as emerging markets, ACWI ex-US and domestic equities. We also produced positive revenue flows of $0.8 million resulting from continued demand for higher fee non-US, emerging markets and alternative products, notwithstanding overall AUM outflows of $(2.5) billion. Our ENI operating margin improved by 269 bps to 36% compared to Q1’16, as ENI revenue growth of 30% outpaced ENI operating expense growth of 18%, including the impact of Landmark. ENI per share of $0.34 was up 26% year-over-year, reflecting our operational strength, contributions from the Landmark acquisition, and the benefits of our share repurchase in Q4’16. We are pleased with Landmark’s contribution to both flows and profit.