WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Monday reported fourth-quarter earnings of $196.2 million.

The West Palm Beach, Florida-based company said it had net income of $5.15 per share. Earnings, adjusted for non-recurring costs, were $6.86 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $6 per share.

The asset manager posted revenue of $502.7 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $532 million.

For the year, the company reported profit of $672.9 million, or $17.42 per share. Revenue was reported as $2.06 billion.

Affiliated Managers shares have dropped 1% since the beginning of the year. The stock has decreased 15% in the last 12 months.

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