BofA raised the firm's price target on Affiliated Managers to $400 from $392 and keeps a Buy rating on the shares. The company reported unprecedented net inflows in Q1 of $23B driven by record liquid alts inflows of $25B, the analyst tells investors in a research note. The firm added that Affiliated's improving net flows are supported by two key trends, namely tax aware liquid alts where AMG holds a first mover lead and private markets where competition is rising, though secondaries remain well positioned.
