WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Monday reported third-quarter net income of $123.6 million.

On a per-share basis, the West Palm Beach, Florida-based company said it had net income of $3.78. Earnings, adjusted for non-recurring costs, came to $4.82 per share.

The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of $4.82 per share.

The asset manager posted revenue of $516.4 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $521.4 million.

Affiliated Managers shares have increased 28% since the beginning of the year. The stock has risen 55% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMG at https://www.zacks.com/ap/AMG