What was the primary driver of the increase in consolidated revenue?

Consolidated revenue increased by 20% to $1,185.6 million for the six months ended June 30, 2026, primarily driven by a 14% increase in asset-based fees and a 6% increase in performance-based fees, largely in private markets strategies. This growth was principally due to an increase in average assets under management and favorable changes in the composition of assets managed.

How did the company's assets under management (AUM) perform?

Assets under management grew significantly by 22% year-over-year to $942.4 billion as of June 30, 2026. This growth was fueled by strong net client cash flows and market appreciation, with particular strength in alternative strategies such as private markets and liquid alternatives.

What is the company's strategy for generating long-term value?

AMG's strategy involves acting as a strategic partner to leading independent investment firms globally. They focus on investing in high-quality, partner-owned firms and allocating resources to areas of high growth and return, while supporting the independence and long-term success of their Affiliates.

How did the company manage its debt and capital during the period?

For the six months ended June 30, 2026, the company's principal uses of cash included investments in Affiliates, settlement of junior convertible securities, share repurchases, debt repayment, and distributions to equity holders. They also borrowed $820.0 million under their senior revolving credit facility and used $364.8 million for share repurchases. The company maintains its focus on managing its capital structure consistent with an investment grade profile.

AMG 10-Q Quarterly Report Q2 FY2026 — Revenue, Net Income, EPS

01—Abstract

Summary

Summary of the 10-Q filed August 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Affiliated Managers Group, Inc. (AMG) reported strong financial performance for the six months ended June 30, 2026.

Consolidated revenue surged by 20% year-over-year to $1,185.6 million^a, driven by a 14% increase in asset-based fees and a 6% rise in performance-based fees. Net income attributable to controlling interest saw a significant 89% increase to $296.3 million, reflecting robust growth across its investment strategies, particularly in liquid alternatives and multi-asset/fixed income. The company's assets under management (AUM) also experienced substantial growth, reaching $942.4 billion as of June 30, 2026, a 22% increase from the prior year.

This growth was attributed to strong net client cash flows and market appreciation, with a particular demand for alternative strategies. AMG continues to strategically invest in both new and existing affiliates to further diversify its business and capitalize on market trends.

02—Key points

Key Highlights

Consolidated revenue increased by 20% to $1,185.6 million for the six months ended June 30, 2026.
Net income attributable to controlling interest grew by 89% to $296.3 million for the six months ended June 30, 2026.
Assets under management reached $942.4 billion as of June 30, 2026, up 22% year-over-year.
Strong growth in aggregate fees, up 46% to $3,571.4 million for the six months ended June 30, 2026.
Significant increase in equity method income (net) by 93% to $272.2 million for the six months ended June 30, 2026.
The company utilized $364.8 million for share repurchases during the six months ended June 30, 2026.
Increased borrowings under the senior unsecured revolving credit facility by $820.0 million.

03—Questions

Frequently Asked Questions

What was the primary driver of the increase in consolidated revenue?
Consolidated revenue increased by 20% to $1,185.6 million for the six months ended June 30, 2026, primarily driven by a 14% increase in asset-based fees and a 6% increase in performance-based fees, largely in private markets strategies. This growth was principally due to an increase in average assets under management and favorable changes in the composition of assets managed.
How did the company's assets under management (AUM) perform?
Assets under management grew significantly by 22% year-over-year to $942.4 billion as of June 30, 2026. This growth was fueled by strong net client cash flows and market appreciation, with particular strength in alternative strategies such as private markets and liquid alternatives.
What is the company's strategy for generating long-term value?
AMG's strategy involves acting as a strategic partner to leading independent investment firms globally. They focus on investing in high-quality, partner-owned firms and allocating resources to areas of high growth and return, while supporting the independence and long-term success of their Affiliates.
How did the company manage its debt and capital during the period?
For the six months ended June 30, 2026, the company's principal uses of cash included investments in Affiliates, settlement of junior convertible securities, share repurchases, debt repayment, and distributions to equity holders. They also borrowed $820.0 million under their senior revolving credit facility and used $364.8 million for share repurchases. The company maintains its focus on managing its capital structure consistent with an investment grade profile.

04—Continue

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