Affiliated Managers posts lower quarterly profit

BOSTON, July 23 (Reuters) - Affiliated Managers Group Inc (AMG.N), a holding company for money managers, posted on Wednesday a lower quarterly profit as assets under management fell.

Affiliated, which owns stakes in investment managers including value equities firm Third Avenue Management and hedge fund company AQR Capital Management, said second-quarter net income fell to $35.3 million, or 89 cents per share, from $41.9 million, or $1.04 per share, in the year-ago quarter.

Affiliated also said it would take a majority interest in money manager Harding Loevner LLC and would acquire the asset management business of Gannett Welsh & Kotler LLC, an investment management unit of Bank of New York Mellon Corp (BK.N). (Reporting by Muralikumar Anantharaman, editing by Gerald E. McCormick)