AMG says no legal exposure related to junk bond fund collapse

BOSTON, Feb 2 (Reuters) - Affiliated Managers Group Inc said on Tuesday that net withdrawals at its majority-owned Third Avenue Management affiliate have moderated since the December collapse of the latter's junk bond fund.

Third Avenue only accounts for about 1 percent of AMG's earnings, AMG executives said on a conference call with analysts and investors. The executives also said they are comfortable in saying that AMG has no legal exposure related to the collapse of the Third Avenue Focused Credit Fund.

(Reporting By Tim McLaughlin Editing by W Simon)