Revenue during the quarter grew 7.18 percent to $589.80 million from $550.30 million in the previous year period. Total expenses were 67.24 percent of quarterly revenues, down from 68.42 percent for the same period last year. This has led to an improvement of 117 basis points in operating margin to 32.76 percent.

Operating income for the quarter was $193.20 million, compared with $173.80 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $263.10 million compared with $289.70 million in the prior year period. At the same time, adjusted EBITDA margin contracted 804 basis points in the quarter to 44.61 percent from 52.64 percent in the last year period.

"AMG generated strong results for the fourth quarter and the full year 2016, including Economic earnings per share of $3.80 for the fourth quarter and $12.84 for the full year, both at record levels and representing earnings growth of 6% and 3% for each period, respectively," stated Sean M. Healey, chairman and chief executive officer of AMG. "Against the backdrop of earnings declines across the asset management industry broadly, we continued to produce growth in our earnings, even with only a partial impact from investments closed during the second half of the year. With assets under management increasing 16% year-over-year to $727 billion, we enhanced the earnings power of our business through successful execution across all aspects of our growth strategy ��" including positive organic growth from net client cash flows in 2016, the long-term investment outperformance of our Affiliates, and the addition of outstanding new Affiliates during the year."

Debt comes down
Affiliated Managers Group has recorded a decline in total debt over the last one year. It stood at $1,879.40 million as on Dec. 31, 2016, down 10.91 percent or $230.20 million from $2,109.60 million on Dec. 31, 2015. Affiliated Managers Group has recorded a decline in long-term debt over the last one year. It stood at $1,879.40 million as on Dec. 31, 2016, down 10.91 percent or $230.20 million from $2,109.60 million on Dec. 31, 2015. Total debt was 24.19 percent of total assets as on Dec. 31, 2016, compared with 27.10 percent on Dec. 31, 2015. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, down from 0.56 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 9.38 for the quarter from 7.52 for the same period last year.