Summary
Affiliated Managers Group, Inc. (AMG) reported total assets under management (AUM) of $708 billion as of December 31, 2024, a 5% increase from the previous year, primarily driven by positive investment performance. Aggregate fees grew by 3% to $5.24 billion, supported by an increase in asset-based fees, though performance-based fees saw a decrease. The company's net income (controlling interest) for the year was $511.6 million, a 24% decrease compared to the prior year, impacted by a one-time gain in the previous year from the sale of an affiliate and a decrease in investment and other income. Adjusted EBITDA (controlling interest) showed resilience, increasing by 4% to $973.1 million, driven by new affiliate investments and performance fees. AMG continued its commitment to returning capital to shareholders, with approximately $710 million in share repurchases during the year. Strategically, AMG continues to focus on expanding its alternatives business, particularly in private markets and liquid alternatives, as evidenced by growth in these AUM categories. The company also highlighted its strong financial position, with a significant cash balance and access to its revolving credit facility. Key risk factors include competition, reliance on investment performance for fees, and potential impacts from market volatility, although the company's diversified affiliate base and strategy aim to mitigate these risks.
Financial Highlights
39 data points| Revenue | $2.04B |
| SG&A Expenses | $376.50M |
| Operating Expenses | $1.51B |
| Net Income | $511.60M |
| EPS (Basic) | $16.45 |
| EPS (Diluted) | $15.13 |
| Shares Outstanding (Basic) | 31.10M |
| Shares Outstanding (Diluted) | 36.10M |
Key Highlights
- 1Assets Under Management (AUM) grew to $708 billion by year-end 2024, up 5% year-over-year, driven by investment performance.
- 2Aggregate fees increased by 3% to $5.24 billion, with asset-based fees showing growth offsetting a decline in performance-based fees.
- 3Net income (controlling interest) decreased by 24% to $511.6 million, primarily due to a prior year gain on affiliate sale and lower investment income.
- 4Adjusted EBITDA (controlling interest) increased by 4% to $973.1 million, indicating operational strength from new affiliate investments and performance fees.
- 5The company repurchased approximately $710 million of its common stock during the year, demonstrating a commitment to shareholder returns.
- 6Strategic focus remains on growing alternative strategies, with private markets and liquid alternatives showing increased AUM.
- 7The company ended the year with a strong liquidity position, holding $950 million in cash and cash equivalents and having full capacity under its revolving credit facility.