WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Thursday reported fourth-quarter earnings of $347.6 million.

The West Palm Beach, Florida-based company said it had profit of $11.21 per share. Earnings, adjusted for non-recurring gains, came to $9.48 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $8.75 per share.

The asset manager posted revenue of $556.6 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $551.5 million.

For the year, the company reported profit of $716.6 million, or $22.74 per share. Revenue was reported as $2.07 billion.

Affiliated Managers shares have increased almost 7% since the beginning of the year. The stock has climbed 78% in the last 12 months.

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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