Affiliated Managers Group Inc.'s board authorized an additional share repurchase program, under which the company may repurchase up to 5.0 million shares of its issued and outstanding shares of common stock.

The additional authorization, combined with the remaining shares available for purchase under the company's October 2019 program, provides for a total of 6.9 million shares available for repurchase under the company's share repurchase programs, which do not expire.

The company reported fourth-quarter 2020 economic net income attributable to controlling interest of $191.4 million, or $4.22 per share, compared to $221.8 million, or $4.52 per share, in the year-ago quarter.

For full year 2020, economic net income attributable to controlling interest was $624.4 million, or $13.36 per share, compared to $720.2 million, or $14.22 per share, in 2019.