Revenue during the quarter grew 5.56 percent to $170.80 million from $161.80 million in the previous year period. Total expenses were 76.46 percent of quarterly revenues, up from 73.42 percent for the same period last year. That has resulted in a contraction of 304 basis points in operating margin to 23.54 percent.

Operating income for the quarter was $40.20 million, compared with $43 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $55.40 million compared with $53.30 million in the prior year period. At the same time, adjusted EBITDA margin contracted 51 basis points in the quarter to 32.44 percent from 32.94 percent in the last year period.

"In the third quarter, we were pleased to close our investment in Landmark Partners, which meaningfully enhances the diversity of our product offerings to include a range of actively managed secondary private equity, real estate and real asset investment strategies with broad appeal to institutional investors around the globe,” said Peter L. Bain, OMAMs president and chief executive officer. "Looking ahead, we are confident in our Affiliates’ ability to deliver value to their clients. By maintaining their investment disciplines during a period of challenging performance for active equity managers, our Affiliates are positioned for improved investment results as markets focus on underlying company fundamentals, rather than a search for yield or uncorrelated macroeconomic factors. While our third quarter net client cash flows of $(2.6) billion resulted in a $(7.5) million decrease to annualized revenue this quarter, we are confident that our pipeline of net client cash flows will continue to build over the medium term, as our Affiliates and our Global Distribution team have been very active in search and fundraising activity."