WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Affiliated Managers Group Inc. (AMG) on Thursday reported fourth-quarter net income of $162.1 million.

The West Palm Beach, Florida-based company said it had profit of $4.92 per share. Earnings, adjusted for non-recurring costs, were $6.53 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $6.02 per share.

The asset manager posted revenue of $524.2 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $530.4 million.

For the year, the company reported profit of $511.6 million, or $15.13 per share. Revenue was reported as $2.04 billion.

Affiliated Managers shares have dropped slightly more than 1% since the beginning of the year. The stock has risen 16% 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