AMG 8-K Current Reports

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 30, 2026)

AMG reported strong second-quarter 2026 results, with Economic EPS of $8.29, up 54% year over year, and GAAP diluted EPS of $6.95 versus $2.80 a year earlier. Controlling-interest net income rose to $185.9 million from $84.3 million, and Adjusted EBITDA (controlling interest) grew 44% to $316.0 million. Revenue increased to $640.7 million from $493.2 million, supported by higher equity method income of $124.9 million (versus $65.6 million), though the company's results also benefited from a $14.6 million pre-tax gain tied to the June 2026 divestiture of an advisor team at myCIO Wealth Partners (about $11.0 million after tax). Management attributes the growth to the shift toward alternative strategies, which generated approximately $29 billion of net inflows in the quarter and $58 billion in the first half. AUM reached a record $942.4 billion at June 30, 2026, up roughly 22% over the last twelve months, with net client cash flows of $12.9 billion in the quarter and $35.5 billion year to date. Alternatives drove the growth, with Private Markets AUM at $153.3 billion and Liquid Alternatives at $293.2 billion. Equity AUM rose to $321.9 billion, while Multi-Asset & Fixed Income declined modestly in the quarter. Growth also came from new affiliate investments, including BBH Credit Partners and HighBrook Investors, which contributed about $59.8 billion of new AUM year to date. Capital deployment remained active, with $189 million of share repurchases in the quarter and $375 million in the first half. Diluted share count fell to 26.9 million from 31.4 million a year earlier, reflecting the buybacks and the settlement of junior convertible securities in cash in January 2026. Total debt rose to $3.0 billion from $2.7 billion at year-end 2025, and cash declined to $411 million. The Board declared a $0.01 per share quarterly dividend payable August 24, 2026, to holders of record on August 10, 2026.

Jul 30, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Jun 9, 2026)

Affiliated Managers Group, Inc. (AMG) announced on June 9, 2026, the execution of a Fourth Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This new agreement establishes a $1.25 billion senior unsecured multicurrency revolving credit facility with a maturity date of June 9, 2031. The facility replaces the company's previous credit agreement and provides a substantial increase in borrowing capacity, with an option to further expand commitments by up to $750 million, subject to certain conditions. This move is strategically important for managing working capital, funding strategic investments in affiliates, repaying debt, and supporting shareholder returns through stock repurchases and dividend payments. The updated credit agreement includes customary financial covenants related to leverage and interest coverage, alongside standard affirmative and negative covenants that govern actions such as priority indebtedness, asset dispositions, and fundamental corporate changes. While these covenants impose restrictions, the agreement incorporates specific thresholds and exceptions to provide operational flexibility. Investors should view this amendment as a positive step, demonstrating AMG's proactive approach to managing its capital structure and supporting its ongoing business objectives.

Jun 9, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 28, 2026)

Affiliated Managers Group, Inc. (AMG) held its Annual Meeting of Stockholders on May 27, 2026, where key corporate matters were presented to and voted upon by shareholders. The meeting resulted in overwhelmingly positive outcomes for all proposals, indicating strong shareholder confidence in the company's leadership and strategic direction. The election of directors saw each nominee receive at least 97% of the votes cast, ensuring continuity and support for the existing board. Furthermore, shareholders provided robust approval for the compensation of the company's named executive officers through a non-binding advisory vote, with 98% of votes in favor. This strong endorsement suggests that investors are aligned with the company's executive remuneration policies. Finally, the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the current fiscal year was ratified by 94% of the votes, reinforcing trust in the company's financial oversight and reporting integrity.

May 28, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 1, 2026)

AMG reported first-quarter 2026 results that point to strong momentum. Assets under management reached a record $882.0 billion, up from $712.2 billion a year earlier, and the company recorded record positive net client cash flows of $22.5 billion, driven mainly by alternative strategies (Private Markets and Liquid Alternatives). Diluted EPS rose to $3.84 from $2.20, and Economic EPS, management's principal performance benchmark, rose 58% to $8.23 from $5.20. Adjusted EBITDA (controlling interest) grew 39% to $317.3 million. Consolidated revenue increased about 10% to $544.9 million, and equity method income rose sharply to $147.4 million from $75.3 million. Capital allocation remained active. AMG repurchased about $186 million of common stock in the quarter, and total debt rose to $2.92 billion from $2.69 billion at year-end, partly reflecting the BBH Credit Partners investment completed in January. Treasury stock grew and the diluted share count fell to 27.5 million from 32.6 million, which lifted per-share results. The board declared a quarterly dividend of only $0.01 per share, payable May 26, 2026 to holders of record on May 11, 2026. Investors should note that the GAAP earnings gain is smaller than the Economic EPS gain, that Economic earnings add back intangible amortization and other items (about $40.5 million of other economic items in Q1 2026), and that the share count reduction from buybacks is a material driver of per-share growth. Cash fell to $376.1 million while receivables rose to $871.4 million, which warrants monitoring of working capital and liquidity.

May 1, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Feb 26, 2026)

Affiliated Managers Group (NYSE: AMG) filed an 8-K on February 26, 2026 to announce board and leadership changes, none of which are financially material. G. Staley Cates, former Vice Chairman of Southeastern Asset Management (and its President from 1989 to 2015), will join the Board as an independent director effective April 1, 2026. Concurrently, Karen L. Alvingham, who has served on the Board since January 2018, will retire from the Board on the same date. The company also re-appointed Jay C. Horgen as President, effective April 1, 2026, while he continues as Chief Executive Officer. The Cates appointment adds a seasoned, CFA-charted investor with roughly four decades of experience at Southeastern, a firm known for long-term value investing and disciplined capital allocation. Consistent with AMG's model of partnering with independent investment managers, this background may be relevant to the Board's oversight of capital allocation across AMG's affiliate portfolio. The filing discloses no related-person transactions, no family relationships, and no arrangements tied to his election, and he will receive standard director compensation and the company's standard indemnification agreement. Horgen's re-appointment as President alongside his existing CEO role consolidates two top executive titles under one individual, which investors may view as signaling continuity in management. The filing does not disclose any change to compensation for Horgen; it incorporates his biographical and related-party information by reference to the 2025 proxy statement. AMG's stated firm-wide assets under management were approximately $813 billion as of December 31, 2025, per the press release.

Feb 26, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 12, 2026)

AMG reported strong fourth-quarter and full-year 2025 results, with Economic EPS of $9.48 in Q4 (up from $6.53 a year earlier) and $26.05 for the full year (up 22% year-over-year). Full-year net client cash inflows were approximately $29 billion, including about $12 billion in Q4, driven by alternative strategies. Liquid alternatives Affiliates recorded a record roughly $51 billion of net inflows and now manage about $227 billion, while private markets Affiliates manage about $146 billion. Total AUM reached $813.3 billion at year-end, up from $707.9 billion. Diluted GAAP EPS was $22.74 for the year, though GAAP results were boosted by roughly $371 million of Affiliate transaction gains tied to the Comvest private credit and Montrusco Bolton sales and the Peppertree/TPG share exchange, so investors should weigh Economic EPS, which excludes these items, alongside GAAP figures. Capital allocation was active. AMG repurchased about $700 million of stock in 2025 (roughly 11% of shares outstanding), committed more than $1 billion across five new growth investments, and refinanced its 5.15% junior convertible trust preferred securities with $425 million of 2036 senior notes, removing associated dilution. The Board declared a $0.01 quarterly dividend payable March 9, 2026, and authorized an additional repurchase program of up to 4.2 million shares, bringing total available repurchase capacity to roughly 6 million shares. The company remains heavily tilted toward alternatives and the U.S. wealth channel, which supports its growth narrative. Key considerations include the dependence of Economic EPS on Affiliate performance and flows, the variability of Affiliate transaction gains, and the reduction in total shares outstanding (diluted average shares fell from 36.1 million to 33.0 million for the year), which lifts per-share metrics.

Feb 12, 2026 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Feb 12, 2026)

Affiliated Managers Group, Inc. (AMG) has announced a significant leadership change with the departure of its President and Chief Operating Officer, Thomas M. Wojcik, effective March 6, 2026. Following his departure, Mr. Wojcik's duties will be distributed among the existing senior leadership team, indicating a restructuring rather than an immediate replacement. This transition comes with a substantial separation package for Mr. Wojcik. He is set to receive aggregate cash payments totaling $5,025,000 in 2026 and an additional $11,050,000 in the first quarter of 2027, contingent on his fulfillment of ongoing obligations, including non-competition and non-solicitation provisions. Importantly, Mr. Wojcik will not receive any incentive compensation for 2025 or 2026 performance, and his outstanding unvested equity awards will be forfeited upon his departure. Investors should monitor how the reallocation of responsibilities impacts operational efficiency and strategic execution.

Feb 12, 2026 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Dec 11, 2025)

Affiliated Managers Group, Inc. (AMG) announced on December 11, 2025, the successful completion of a $425 million issuance of 5.500% Senior Notes due 2036. These notes are unsecured and unsubordinated obligations of the company, maturing on February 15, 2036, with semi-annual interest payments. The offering was conducted under a shelf registration statement and was supported by an underwriting agreement with BofA Securities, Citigroup Global Markets, and Wells Fargo Securities. The primary use of the net proceeds from this debt issuance is to fully redeem and settle obligations related to the company's 5.15% Convertible Trust Preferred Securities due 2037 of AMG Capital Trust II. Any remaining proceeds are earmarked for general corporate purposes. This transaction effectively refinances a portion of AMG's outstanding debt, potentially impacting its interest expense and capital structure.

Dec 11, 2025 8-K

Other Events

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Corporate Update (Dec 8, 2025)

Affiliated Managers Group, Inc. (AMG) announced on December 8, 2025, that it has issued a notice to redeem all outstanding 5.15% Convertible Trust Preferred Securities due 2037. The redemption is scheduled for December 29, 2025, with securities being repurchased at par value plus accrued interest. This action is a strategic move to simplify AMG's capital structure and maintain its long-duration debt profile.

Dec 8, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Nov 3, 2025)

AMG reported third-quarter 2025 results that were strong on its preferred metrics. Economic earnings per share rose 27% year over year to $6.10 (from $4.82), and Adjusted EBITDA (controlling interest) grew 17% to $250.9 million (from $214.1 million). Net client cash inflows were approximately $9 billion for the quarter and approximately $17 billion year to date, driven mainly by alternative strategies. AUM ended the quarter at $803.6 billion, up from $728.4 billion a year earlier. Diluted GAAP EPS was $6.87, versus $3.78 a year earlier, but this figure is flattered by a roughly $100 million after-tax gain from the sale of the Peppertree stake, which management excludes from its non-GAAP measures. The quarter also reflected capital return and balance sheet activity. AMG repurchased about $77 million of stock in Q3 and about $350 million year to date, and total debt fell to $2.37 billion from $2.62 billion at year-end 2024. Share count continued to shrink, with average diluted shares down to 32.9 million from 35.0 million a year earlier. Management also highlighted a strategic collaboration with BBH and a related investment in BBH Credit Partners aimed at wealth-channel alternative credit products. Separately, the board declared a $0.01 per share quarterly dividend, payable November 28, 2025 to holders of record on November 13, 2025. Investors should weigh the quality of earnings. Net income in Q3 benefited from the Peppertree gain and from higher equity method income, while cash and cash equivalents declined to $476.1 million from $950.0 million, largely because of buybacks and debt reduction. Non-GAAP measures are adjusted for intangible amortization and affiliate transactions, so they should be read alongside GAAP results. Q3 operating momentum, particularly in private markets and liquid alternatives, is the central investment question going forward.

Nov 3, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Aug 14, 2025)

Affiliated Managers Group (NYSE: AMG) filed an 8-K on August 14, 2025 reporting a board change: Marcy Engel was appointed as an independent director, effective September 30, 2025, and Dwight D. Churchill, a director since February 2010, will retire from the Board on the same date. The filing is primarily a governance update rather than a financial disclosure, and it contains no earnings, guidance, or financial results. The press release was furnished under Item 7.01 (Regulation FD) and is not deemed filed. Ms. Engel brings substantial financial-services experience: she was a director and former Chair of Sculptor Capital Management (2018 to its 2023 acquisition by Rithm Capital), former COO and General Counsel of alternatives manager Eton Park Capital Management, and a senior legal executive at Citigroup and predecessor firms. Her standard director compensation and indemnification agreement follow AMG's existing practices, and the filing discloses no related-person transactions or familial relationships. Mr. Churchill's tenure included serving as Audit Committee Chair, Chair of the Board, and interim Chair, so his departure removes significant institutional board experience. For investors, the key takeaways are a planned, orderly board transition with an experienced alternative-asset governance addition, and continued emphasis on AMG's partner-affiliate model. As of June 30, 2025, AMG reported approximately $771 billion in aggregate assets under management. The filing does not change AMG's financial outlook.

Aug 14, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 31, 2025)

AMG reported second-quarter 2025 results that were driven by strong client flows and a sharp rise in per-share economic earnings, even as GAAP net income and revenue were mixed. Economic earnings per share (EPS) rose 15% year over year to $5.39, while diluted GAAP EPS climbed to $2.80 from $2.26. Net client cash flows were positive at $8.1 billion for the quarter, reversing the prior-year figure of $0.9 billion, with private markets and liquid alternatives leading the inflows. Firmwide assets under management (AUM) reached $771.0 billion at June 30, 2025, up from $701.0 billion a year earlier. The per-share gains were supported by a shrinking share count rather than by revenue growth. Consolidated revenue declined slightly to $493.2 million from $500.3 million, and compensation expense rose about 22%. Diluted weighted shares fell to 31.4 million from 35.3 million, reflecting roughly $273 million of share repurchases in the first half, including about $100 million in the second quarter. Equity method income more than doubled to $65.6 million, while net income attributable to the controlling interest rose to $84.3 million from $76.0 million. Year-to-date results were weaker, with six-month diluted EPS down to $5.01 from $6.49 and six-month net income down to $156.6 million from $225.8 million, largely reflecting higher intangible amortization and a one-time $30.5 million Affiliate equity modification expense. The balance sheet shows cash falling to $361.0 million from $950.0 million at year-end 2024, reflecting buybacks and capital deployment, while total debt was roughly unchanged at $2.62 billion. Management highlighted a new Montefiore Investment partnership and four partnerships announced in 2025 covering about $24 billion of alternative strategies. The company also declared a quarterly dividend of $0.01 per share, payable August 25, 2025 to holders of record on August 11, 2025.

Jul 31, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Jun 6, 2025)

Affiliated Managers Group (AMG) filed an 8-K on June 6, 2025 disclosing that Thomas M. Wojcik was appointed President of the Company effective June 3, 2025, while retaining his role as Chief Operating Officer. Jay C. Horgen, who had been President and CEO, will continue as Chief Executive Officer, so the change expands Wojcik's responsibilities rather than replacing Horgen. The filing describes Wojcik as a co-developer of AMG's growth strategy, and he will continue to report to Horgen. Wojcik joined AMG in 2019 from BlackRock and served as CFO from 2019 through 2024 before becoming COO in 2024. The Compensation Committee approved a one-time restricted stock unit award under the 2020 Equity Incentive Plan with a grant-date fair value of $5.0 million. The award vests in March 2030 and is fully subject to performance-based conditions, which is intended to tie his compensation to long-term value creation. Details required under Regulation S-K Items 401 and 404 are incorporated by reference from AMG's April 11, 2025 proxy statement, so the 8-K itself adds limited new governance detail. The press release also highlights strategic positioning. Management said private markets and liquid alternative strategies now contribute half of AMG's earnings, and aggregate AUM was approximately $712 billion as of March 31, 2025. For investors, the key takeaways are a succession-oriented leadership expansion with clear CEO continuity and a long-dated, performance-contingent incentive, rather than any change to financial results or guidance.

Jun 6, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 22, 2025)

Affiliated Managers Group, Inc. (AMG) held its Annual Meeting of Stockholders on May 22, 2025, with key outcomes focused on director elections, executive compensation, and the ratification of its independent auditor. The meeting provided a strong signal of shareholder confidence, with overwhelming support for the proposed slate of directors, each receiving at least 96% of the votes cast. This robust approval indicates that shareholders are comfortable with the current board's composition and oversight. Furthermore, shareholders overwhelmingly approved the company's executive compensation through a non-binding advisory vote, with 97% of votes cast in favor. This high level of support suggests alignment between management's pay practices and shareholder expectations. The company also ratified the appointment of PricewaterhouseCoopers LLP as its independent registered public accounting firm for the current fiscal year with 93% of the votes cast in favor, reinforcing confidence in the company's financial reporting and audit process.

May 22, 2025 8-K

Other EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 8, 2025)

AMG reported first-quarter 2025 results that were mixed on the surface but reflect a deliberate strategic shift. GAAP diluted EPS fell to $2.20 from $4.14 a year earlier, driven primarily by an increase in intangible amortization and impairments to $83.3 million from $7.3 million. Management emphasized Economic EPS, a non-GAAP measure that excludes these non-cash charges, which declined more modestly to $5.20 from $5.37. Aggregate fees dropped to $1,270.4 million from $1,471.6 million, and net client cash flows were roughly flat at -$0.4 billion, a sharp improvement from -$3.7 billion in the prior-year quarter. Assets under management rose 1.8% year over year to $712.2 billion, supported by $14 billion of net inflows in alternatives, though this was offset by $13.7 billion of outflows from equities. Strategically, AMG highlighted new partnerships with Verition Fund Management and Qualitas Energy, plus an investment in NorthBridge Partners, all aimed at expanding its exposure to liquid alternatives and private markets. The company also disclosed that affiliate Peppertree Capital Management is to be acquired, which management characterized as the culmination of AMG's investment. Capital returns continued with approximately $173 million of share repurchases during the quarter, although the quarterly dividend was set at only $0.01 per share, payable June 2, 2025. For investors, the key takeaways are that the GAAP earnings decline is largely non-cash and acquisition-related, while the underlying operating picture shows improving flows and a shift toward higher-growth alternatives. Fee revenue compression and the reliance on non-GAAP metrics for executive compensation and performance framing merit close attention, as does the trajectory of equity outflows.

May 8, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Corporate Update (Mar 7, 2025)

Affiliated Managers Group, Inc. (AMG) has filed a prospectus supplement on March 7, 2025, to extend its $500 million Equity Distribution Program. This action follows the filing of a new shelf registration statement on Form S-3 on February 28, 2025. The new program supersedes a prior one established in May 2022, under which no shares were issued or sold. While AMG has no immediate plans to sell shares under the new program, the extension provides flexibility to do so in the future if market conditions or strategic needs arise.

Mar 7, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 6, 2025)

AMG reported fourth-quarter and full-year 2024 results that highlight the company's focus on per-share economics and capital returns. Q4 2024 EPS (diluted) was $4.92 versus $5.15 a year earlier, while Economic EPS was $6.53 versus $6.86. For the full year, GAAP diluted EPS was $15.13 (down from $17.42), but Economic EPS rose to $21.36 from $19.48, a 10% increase management characterizes as a record. The GAAP decline is largely explained by the absence of the 2023 Affiliate Transaction gains (Veritable and Baring Private Equity Asia/EQT), which contributed $122.1 million after tax in 2023, and by lower net income attributable to the controlling interest ($511.6 million vs. $672.9 million). Economic net income was $701.6 million versus $717.8 million, so the Economic EPS gain is driven primarily by a sharp reduction in share count. AMG's share count fell substantially as it repurchased approximately $700 million of common stock in 2024, about 13% of shares outstanding. Full-year average adjusted diluted shares declined to 32.8 million from 36.8 million. Treasury stock rose to $4.12 billion from $3.38 billion, and total stockholders' equity declined to $3.35 billion from $3.59 billion. Debt increased modestly to $2.62 billion from $2.54 billion, while cash rose to $950 million from $814 million. Operationally, AUM ended 2024 at $707.9 billion, up about 5% from $672.7 billion, though net client cash flows were negative at $(13.9) billion for the year (improved from $(29.2) billion in 2023). Private markets affiliates raised approximately $24 billion, and AMG announced a new partnership with NorthBridge Partners, a last-mile industrial logistics real estate manager. Management also declared a $0.01 quarterly dividend payable March 4, 2025, to holders of record on February 18, 2025.

Feb 6, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Feb 3, 2025)

Affiliated Managers Group, Inc. (AMG) announced a change in its Board of Directors via an 8-K filing on February 3, 2025. Effective immediately as of January 30, 2025, Reuben Jeffery III has retired from the Board. This departure marks the end of Mr. Jeffery's tenure, during which he provided strategic insights and guidance to the company. The company expressed gratitude for his service.

Feb 3, 2025 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Nov 15, 2024)

Affiliated Managers Group, Inc. (AMG) announced on November 15, 2024, a significant update to its financial flexibility through a Third Amended and Restated Credit Agreement. This agreement establishes a $1.25 billion senior unsecured multicurrency revolving credit facility, extending its maturity to November 15, 2029. This facility offers substantial room for operational and strategic initiatives, with an option to increase commitments by an additional $500 million, providing considerable dry powder for future growth and shareholder returns. The proceeds from this credit facility are earmarked for a variety of general corporate purposes, including working capital, strategic investments in existing and new affiliates, debt repayment, share repurchases, and dividend payments. This broad flexibility underscores the company's confidence in its financial management and its commitment to enhancing shareholder value through both organic growth and capital allocation strategies. The agreement, however, includes standard financial and negative covenants, which investors should review for specific limitations and potential triggers.

Nov 15, 2024 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Nov 4, 2024)

AMG reported third-quarter 2024 results (quarter ended September 30, 2024) that were mixed on a GAAP basis but strong on the company's preferred metrics. GAAP diluted EPS fell to $3.78 from $5.48 a year earlier, and net income attributable to controlling interest dropped to $123.6 million from $217.0 million. The decline is largely explained by the absence of the $133.1 million Affiliate Transaction gain recorded in Q3 2023, which was not repeated this year. Excluding that item and other adjustments, Economic EPS rose 18% year-over-year to $4.82 from $4.08, and Economic Net Income increased to $153.2 million from $149.5 million. Aggregate fees grew to $1,157.1 million from $997.5 million, and Adjusted EBITDA (controlling interest) rose to $214.1 million from $208.4 million. Assets under management reached $728.4 billion at September 30, 2024, up from $635.8 billion a year earlier, though net client outflows were $2.8 billion in the quarter, improving from $9.4 billion a year ago. Management highlighted about $7 billion raised by its private markets Affiliates during the quarter and a shift in business mix toward alternatives. AMG repurchased roughly $103 million of stock in the quarter, bringing year-to-date buybacks to about $580 million, and issued $400 million of senior notes that extended the average debt duration beyond 20 years. Share count fell sharply, with diluted average shares of 35.0 million versus 43.4 million a year earlier, which supports per-share metrics. The Board also declared a $0.01 per share quarterly dividend, payable November 29, 2024 to holders of record on November 14, 2024. Investors should weigh the strong per-share growth and buyback-driven accretion against the lower GAAP earnings base and the still-negative net flows. Continued alternatives momentum and capital deployment will be key indicators going forward.

Nov 4, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Aug 20, 2024)

Affiliated Managers Group, Inc. (AMG) announced the successful issuance and sale of $400 million aggregate principal amount of 5.500% Senior Notes due 2034 on August 20, 2024. This offering was conducted under a shelf registration statement and structured through an underwriting agreement with Barclays Capital Inc., BofA Securities, Inc., and Citigroup Global Markets Inc. The proceeds are earmarked for debt repayment or refinancing, with potential allocations for share repurchases and investments in investment management firms. These senior notes represent unsecured and unsubordinated obligations of the company, maturing on August 20, 2034. The notes carry a fixed annual interest rate of 5.500%, payable semi-annually. The indenture includes provisions for make-whole redemptions, limitations on fundamental corporate changes such as mergers or asset sales, and a requirement for a repurchase offer upon certain change of control events. This issuance signals AMG's proactive approach to managing its capital structure and funding its strategic initiatives.

Aug 20, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Aug 2, 2024)

Affiliated Managers Group, Inc. (AMG) has announced a significant leadership transition involving Rizwan M. Jamal, who will be retiring as Head of Affiliate Investments effective January 3, 2025. While stepping down from this operational role, Mr. Jamal will continue to contribute to AMG in a new capacity as Managing Director, Affiliate Partnerships. This move signifies a planned succession and retains valuable institutional knowledge within the company.

Aug 2, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 29, 2024)

AMG reported second-quarter 2024 results that were mixed on GAAP measures but stronger on the company's preferred metrics. GAAP diluted EPS fell to $2.26 from $3.25 a year earlier, and controlling-interest net income dropped to $76.0 million from $125.3 million. The decline was driven mainly by $65.6 million of intangible amortization and impairments (up from $29.4 million), $60.8 million of equity method intangible amortization and impairments, lower equity method income, and a higher tax expense. Consolidated revenue slipped 2% to $500.3 million. Management emphasized Economic EPS, which rose about 5% year over year to $4.67 in Q2 and about 17% to $10.06 in the first half. Economic EPS strips out intangible amortization and impairments, so it can diverge sharply from GAAP results in periods with large impairments. Operating trends improved. Assets under management reached $701.0 billion at June 30, 2024, up from $673.9 billion a year earlier and $699.4 billion at March 31, 2024. Q2 net client cash flows were positive at $0.9 billion, compared with net outflows of $10.5 billion in Q2 2023, with the Alternatives strategy contributing $6.3 billion of inflows. Aggregate fees rose to $1,098.1 million from $1,003.1 million. Management attributed the momentum to private markets fundraising and the performance of its affiliates. Capital deployment remained a central theme. AMG repurchased about $327 million of stock in Q2 and $477 million year to date, and diluted weighted average shares fell to 35.3 million from 42.1 million. The Board declared a $0.01 per share quarterly dividend, payable August 22, 2024, and expanded the repurchase authorization by up to 5.4 million shares. Combined with remaining capacity under the October 2023 program, approximately 6 million shares are available for repurchase, and these programs do not expire. Cash and equivalents were $865.5 million and debt was $2,525.2 million at quarter end, so AMG retained a sizable liquidity cushion while returning capital.

Jul 29, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 24, 2024)

Affiliated Managers Group, Inc. (AMG) filed an 8-K report on May 24, 2024, detailing the outcomes of its Annual Meeting of Stockholders held on May 22, 2024. The primary focus of the filing is the voting results on key corporate matters, including the election of directors, advisory approval of executive compensation, and ratification of the independent auditor. The meeting confirmed strong shareholder support for the company's leadership and financial oversight.

May 24, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 6, 2024)

AMG reported first-quarter 2024 results that showed strong earnings growth on a per-share basis, driven by lower share count and higher equity method income, even as top-line metrics were mixed. Economic earnings per share (the company's principal performance benchmark) rose 28% year-over-year to $5.37 from $4.18, while GAAP diluted EPS increased to $4.14 from $3.47. Net income attributable to the controlling interest grew about 11% to $149.8 million, and Economic net income rose to $186.7 million from $158.1 million. Equity method income nearly doubled to $117.5 million, offsetting a 3% decline in consolidated revenue to $499.9 million and a drop in investment income. Operating metrics were modestly positive. Ending assets under management rose about 5% to $699.4 billion, though average AUM grew only about 3% and the company recorded net client outflows of $3.7 billion in the quarter, compared with $3.2 billion a year earlier. Aggregate fees declined about 2% to $1.47 billion. Adjusted EBITDA (controlling interest) increased about 20% to $259.8 million. Capital allocation was a key focus. AMG repurchased roughly $150 million of common stock and issued $450 million of 40-year junior hybrid debt in March 2024, which management says extended debt duration beyond 20 years. Total debt was roughly flat at $2.52 billion. The Board declared a quarterly dividend of $0.01 per share, payable May 30, 2024 to holders of record on May 16, 2024. The filing also notes management changes, including Tom Wojcik becoming Chief Operating Officer and Dava Ritchea joining as Chief Financial Officer.

May 6, 2024 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Mar 25, 2024)

Affiliated Managers Group (NYSE: AMG) announced on March 25, 2024 a leadership reshuffle in its finance team. Thomas M. Wojcik, the current CFO, moves into the newly created role of Chief Operating Officer effective April 1, 2024, where he will oversee the company's capital formation capabilities while continuing to report to CEO Jay C. Horgen. He is succeeded as CFO by Dava E. Ritchea, who joins from Sculptor Capital Management (recently acquired by Rithm Capital) where she was CFO since 2021, and previously was CFO of Assured Investment Management (formerly BlueMountain Capital) from 2017 to 2021. For investors, the filing is primarily a management-continuity and succession disclosure rather than a financial-results event; the filing contains no financial results, guidance, or capital allocation changes. The CFO transition is the most material element, as the finance, accounting, and capital management functions are changing hands. Management characterized Ritchea's experience at firms focused on private markets and liquid alternatives as aligned with AMG's growth strategy, and noted her prior familiarity with AMG through an affiliate. Compensation terms disclosed for Ritchea include a $500,000 annual base salary, eligibility for 2024 incentive compensation, and an equity grant with a fair value of $3.5 million to be made within 90 days of joining, which the filing says is partly intended to compensate for amounts she forfeits at her prior employer. The filing states there are no related-party transactions requiring disclosure under Item 404(a).

Mar 25, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Mar 20, 2024)

Affiliated Managers Group, Inc. (AMG) announced on March 20, 2024, the successful issuance and sale of $450 million in aggregate principal amount of 6.750% Junior Subordinated Notes due 2064. This offering was completed under their existing shelf registration statement. The notes are unsecured and subordinate to other debt obligations, with a long maturity of 40 years. These proceeds are earmarked for general corporate purposes, including potential debt repayment, share repurchases, and strategic investments in investment management firms. The company retains the right to defer interest payments, a common feature in junior subordinated debt, and has call options starting in March 2029, subject to specific conditions. Investors should note the long-term nature of this debt and the associated subordination risk.

Mar 20, 2024 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 5, 2024)

AMG reported fourth-quarter and full-year 2023 results on February 5, 2024, with diluted EPS of $5.15 for Q4 (down from $17.40 a year earlier, which included large Affiliate Transaction gains) and $17.42 for the full year (down from $25.35). The more relevant comparison for ongoing performance is non-GAAP Economic EPS, which was $6.86 in Q4 (down from $7.40) and $19.48 for 2023 (down from $20.02). Full-year Economic Net Income was $718 million and Net Income (controlling interest) was $673 million, versus $797 million and $1,146 million in 2022, with the decline largely reflecting the absence of the 2022 BPEA/EQT-related gains and lower revenue. Consolidated revenue fell about 12% to $2.06 billion, and AUM ended the year at $672.7 billion, up from $650.8 billion, though net client outflows were $29.2 billion for the year. Capital allocation was a major focus. AMG repurchased $574 million of common stock in 2023, roughly 10% of shares outstanding, including a $225 million accelerated share repurchase completed in Q2 2023. Year-end cash rose to $813.6 million, and the company completed an investment in Ara Partners and welcomed Forbion as new private markets Affiliates. Management says its dedicated private markets Affiliates manage roughly $115 billion and raised about $16 billion on a pro forma basis in 2023. The Board also declared a quarterly dividend of $0.01 per share, payable February 29, 2024 to holders of record on February 15, 2024. For investors, the headline GAAP declines are largely distorted by one-time gains in 2022 and 2023 Veritable sale activity, so the Economic EPS and Adjusted EBITDA trends (Adjusted EBITDA of $935.7 million versus $1,053.8 million) are the more useful gauges of underlying performance. The share count reduction from buybacks supports per-share metrics, while net client outflows and lower fee revenue remain the key watch items.

Feb 5, 2024 8-K

Leadership ChangesExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Nov 6, 2023)

AMG's third-quarter 2023 results (quarter ended September 30, 2023) were driven by a one-time gain from the sale of its Veritable and BPEA-related interests. GAAP net income attributable to controlling interest rose to $217.0 million, or $5.48 diluted EPS, versus $112.6 million, or $2.80, a year earlier. That figure includes an Affiliate Transaction gain of about $104.7 million after tax (about $139.6 million pre-tax) and is not representative of the recurring run rate. On the company's principal benchmark, Economic net income (controlling interest) fell to $149.5 million from $167.0 million, and Economic EPS declined to $4.08 from $4.23. Adjusted EBITDA (controlling interest) also decreased to $208.4 million from $221.2 million. Revenue fell 9% to $525.2 million, and aggregate fees declined to $997.5 million from $1,165.5 million, reflecting lower average AUM of $663.8 billion versus $680.1 billion. Operating trends remain weak. Quarter-end AUM was $635.8 billion, down from $644.6 billion a year earlier, and net client outflows were $9.4 billion in the quarter and $23.1 billion year to date. Management highlighted growth in alternatives, with AMG's eight dedicated private markets Affiliates managing more than $100 billion, roughly $7 billion raised so far in 2023 (about $10 billion pro forma for recent investments), and about $230 billion in total alternatives AUM. The company also completed investments in Ara Partners (closed October 2023) and Forbion (closed August 2023), which are excluded from Q3 results. Capital allocation remained shareholder-friendly. AMG repurchased about $172 million of stock in the quarter and roughly $441 million year to date, including a $225 million accelerated share repurchase completed in Q2 2023. The board authorized an additional program of up to 3.25 million shares, bringing total capacity to about 5 million shares across programs that do not expire, and declared a $0.01 quarterly dividend payable November 30, 2023. Balance sheet liquidity improved, with cash and equivalents of $999.2 million at quarter-end, up from $429.2 million at year-end 2022, against debt of $2.54 billion. Investors should weigh the strong GAAP EPS against the weaker underlying operating metrics and the non-recurring nature of the Q3 gain.

Nov 6, 2023 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Sep 25, 2023)

On September 25, 2023, Affiliated Managers Group, Inc. (NYSE: AMG) announced the appointment of Loren M. Starr to its Board of Directors as an additional independent director, effective immediately. The filing is governance-focused and contains no financial results, guidance, or changes to capital allocation, so it carries no direct near-term earnings or valuation impact. Mr. Starr brings substantial financial leadership experience. He served as CFO of Invesco Ltd. from 2005 to 2020 and then as Vice Chair in an advisory role until retiring in March 2021. Earlier, he was CFO of Janus Capital Group from 2001 to 2005 and held corporate finance roles at Putnam Investments, Lehman Brothers, and Morgan Stanley. He is currently an independent consultant and sits on the TIAA-CREF Fund Complex Boards of Trustees. The Chair, Dwight Churchill, described his experience as CFO of two large public asset managers as additive to the Board's skill set. As is standard for director appointments, Starr will receive the customary director compensation and sign AMG's standard indemnification agreement. The filing discloses no related-person transactions and no family relationships or arrangements tied to his election. For investors, the appointment signals the Board's continued effort to bolster its capabilities in asset management, strategy, M&A, and capital management, as AMG manages approximately $674 billion in assets under management as of June 30, 2023.

Sep 25, 2023 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 26, 2023)

AMG reported second-quarter 2023 results with diluted EPS of $3.25 (up from $2.68) and Economic EPS of $4.45, up 10% year over year. GAAP net income attributable to the controlling interest rose to $125.3 million from $109.4 million, and Economic net income reached $167.3 million. Results were supported by higher equity method income and lower intangible amortization, while consolidated revenue fell about 15% to $512.5 million, reflecting lower average AUM (down about 8% to $668.9 billion) and continued net client outflows of $10.5 billion in the quarter. Year-to-date, Economic EPS was $8.63 versus $8.41, while Economic net income declined about 4% because the company changed its non-GAAP definitions in Q1 2023 and recast prior periods, reducing comparable first-half 2022 figures. Capital allocation was a major theme. AMG completed its $225 million accelerated share repurchase and bought an additional $44 million of stock, bringing year-to-date repurchases to about $269 million. Shares outstanding (diluted) fell to 42.1 million from 44.5 million year over year. The company declared a quarterly dividend of $0.01 per share, payable August 21, 2023. Liquidity improved, with cash and equivalents rising to $785.5 million from $429.2 million at year-end 2022. Management also highlighted a new partnership with Forbion and expected gross proceeds of roughly $294 million from the pending Veritable transaction. Investors should weigh the strong per-share metrics and buybacks against weakening top-line trends. Revenue, AUM, and net client flows all moved lower, and the reported EPS benefited from a shrinking share count and from investment gains, including EQT share gains of $23.0 million pre-tax in the first half. The dividend of $0.01 per share is nominal, so total shareholder returns depend mainly on buybacks.

Jul 26, 2023 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 30, 2023)

Affiliated Managers Group, Inc. (AMG) filed an 8-K on May 30, 2023, detailing the outcomes of its Annual Meeting of Stockholders held on May 25, 2023. The report indicates strong shareholder support for the election of directors, with all nominees receiving at least 96% of the votes cast. This reflects confidence in the current board's leadership and governance. Furthermore, shareholders overwhelmingly approved the company's executive compensation through a non-binding advisory vote, with 98% of votes in favor. In a separate advisory vote on the frequency of executive compensation reviews, shareholders recommended an annual vote, which the company has committed to following. The selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm was also ratified with 91% of shareholder approval, signaling continued trust in the company's auditing process.

May 30, 2023 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 1, 2023)

Affiliated Managers Group (AMG) reported first-quarter 2023 results on May 1, 2023, with GAAP diluted EPS of $3.47 (versus $3.44 a year earlier) and Economic EPS of $4.18 (down from $4.36). Net income attributable to the controlling interest was $134.5 million, compared with $146.0 million in Q1 2022, while Economic Net Income was $158.1 million. Headline revenue fell about 15% year over year to $517.4 million, and assets under management declined to $668.0 billion from $776.7 billion, driven by $3.2 billion of net client outflows and a sharp drop in average AUM. The per-share figures were supported by a much smaller share count (39.9 million diluted shares versus 46.9 million), reflecting the company's ongoing share repurchases, including the $225 million accelerated share repurchase program entered into at year-end 2022. Investors should note that the reported profit decline was partly offset by lower compensation expense ($222.3 million versus $255.0 million), higher investment income ($38.0 million versus $13.6 million), and higher equity method income ($58.6 million versus $48.6 million). Operating performance was weaker, with net outflows concentrated in Global Equities and Institutional clients. AMG also changed the definitions of Adjusted EBITDA and Economic Net Income to include only realized gains and losses on strategic investments, and retroactively restated prior periods, lowering the Q1 2022 Economic EPS comparison from $4.36 to $4.65 under the prior definition. Cash rose to $832.8 million, and the company declared a $0.01 per share quarterly dividend payable May 25, 2023.

May 1, 2023 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 6, 2023)

AFFILIATED MANAGERS GROUP, INC. (AMG) reported fourth-quarter and full-year 2022 results on February 6, 2023. Full-year GAAP diluted EPS was $25.35 and Economic EPS was $20.14, a 10% increase in Economic EPS versus 2021's $18.28. The headline GAAP figures were inflated by a one-time $576 million after-tax gain tied to the sale of its BPEA stake to EQT. Excluding that gain, Economic Net Income of $802 million reflects the underlying earnings power of the Affiliate portfolio, which management attributes to strong Affiliate investment performance and disciplined capital allocation. The operating picture was weaker. Year-end AUM fell to $650.8 billion from $813.8 billion, driven by market declines, the BPEA transfer of $31.6 billion, and net client outflows of $33.0 billion for the year (Q4 outflows of $10.5 billion). Average AUM declined less sharply, and aggregate fees fell modestly to $5.56 billion from $5.61 billion. Consolidated revenue dropped to $2.33 billion from $2.41 billion, but equity method income rose to $338 million from $243 million. Capital deployment remained active. AMG repurchased $475 million of stock in 2022, entered into a seven-month $225 million accelerated share repurchase program at year-end, and declared a $0.01 per share quarterly dividend payable March 2, 2023. Management highlighted over $1.3 billion invested in growth over four years and $1.9 billion returned to shareholders. Investors should weigh the strong per-share metrics against continued net outflows and a lower asset base heading into 2023.

Feb 6, 2023 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Dec 30, 2022)

Affiliated Managers Group, Inc. (AMG) announced a significant leadership transition effective December 31, 2022. David M. Billings, the long-serving General Counsel, has given notice of his retirement from that role. While stepping down as General Counsel, Mr. Billings will continue to support the company in a new capacity as Senior Advisor, ensuring continuity and leveraging his extensive experience. This change marks the end of Mr. Billings' tenure as General Counsel, during which he played a key role in the company's development. The CEO, Jay C. Horgen, expressed gratitude for Mr. Billings' contributions and highlighted his dedication to the company and its shareholders. Investors should view this as a planned succession, with the company aiming to maintain stability through Mr. Billings' continued advisory role.

Dec 30, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Nov 21, 2022)

Affiliated Managers Group, Inc. (AMG) announced on November 21, 2022, that it has entered into amendments to its credit agreements. These amendments are primarily focused on extending the maturity of its revolving credit facility and transitioning away from LIBOR as a benchmark interest rate to a Term SOFR-based rate for both its revolving credit facility and term loan facility. These changes are expected to provide greater financial flexibility and align with evolving market standards for interest rate benchmarks. For investors, the extension of the revolving credit facility's maturity by one year to October 25, 2027, provides a longer runway for operational funding and strategic initiatives. The shift from LIBOR to SOFR is a significant market development that impacts the cost and predictability of borrowing for many companies. By proactively addressing this transition, AMG demonstrates its commitment to adapting to financial market changes and potentially mitigating future risks associated with LIBOR cessation.

Nov 21, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Nov 7, 2022)

Affiliated Managers Group (AMG) reported third-quarter 2022 results on November 7, 2022, with GAAP diluted EPS of $2.80 (down from $3.00) and Economic EPS of $4.21, up 5% year over year. Economic net income (controlling interest) was $166.4 million versus $168.5 million a year earlier, while GAAP net income attributable to controlling interest fell to $112.6 million from $128.4 million. Revenue was essentially flat at $578.6 million, but assets under management declined to $644.6 billion from $747.8 billion a year earlier, driven by net client outflows of $8.8 billion in the quarter and $22.5 billion year to date, along with market and currency headwinds. The EPS gain on an economic basis was supported by a lower share count (39.5 million adjusted diluted shares versus 42.2 million), reflecting aggressive buybacks. Capital allocation was the main focus of the release. AMG repurchased about $80 million of stock in the quarter and roughly $345 million year to date, and the Board authorized an additional 3.0 million-share repurchase program, bringing total availability to 5.8 million shares with no expiration. The quarterly dividend was maintained at $0.01 per share, payable December 1, 2022. Management highlighted proceeds from the October 2022 sale of its minority interest in Baring Private Equity Asia (BPEA) and a new investment in a communications infrastructure firm, neither of which is reflected in third-quarter results. The company's cash position fell to $622.9 million from $908.5 million at year-end 2021, and total debt rose to $2.53 billion, so the BPEA proceeds are expected to rebuild flexibility. For investors, the key questions are whether client flows turn positive as de-risking eases, whether the BPEA proceeds and buybacks translate into sustained per-share growth, and whether the lower GAAP earnings base reflects structural pressure. The release's Economic EPS framing, which excludes intangible amortization and other items, presents a more favorable picture than GAAP results, and investors should weigh both measures.

Nov 7, 2022 8-K

Other Events

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Corporate Update (Oct 18, 2022)

Affiliated Managers Group, Inc. (AMG) has officially completed the sale of its equity interest in Baring Private Equity Asia (BPEA) to EQT AB. This significant transaction, initially announced in March 2022, resulted in AMG receiving substantial pre-tax consideration of $240.0 million in cash, along with 28.68 million ordinary shares of EQT. This sale represents a strategic divestment, allowing AMG to monetize its investment in BPEA while also positioning itself to benefit from future potential upside through retained interests in certain existing BPEA funds. The EQT shares received are subject to standard market practices, with 25% of the shares having a six-month lock-up period, indicating a controlled reentry into the market for these securities.

Oct 18, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Aug 1, 2022)

AFFILIATED MANAGERS GROUP, INC. (AMG) reported second-quarter 2022 results on August 1, 2022, with Economic EPS of $4.03, flat versus the year-ago quarter, and GAAP diluted EPS of $2.68, up from $2.55. Controlling-interest net income was $109.4 million, essentially unchanged from $109.0 million, while Economic Net Income fell to $160.5 million from $171.2 million. Adjusted EBITDA declined to $213.4 million from $227.3 million, reflecting lower investment income and higher compensation expense. Management characterized earnings as resilient amid heightened market volatility. The key operating concern is client flows and assets. Assets under management fell to $690.9 billion at June 30, 2022, from $755.7 billion a year earlier and $776.7 billion at March 31, 2022, driven mainly by market depreciation of $61.6 billion in the quarter. Net client cash outflows were $11.4 billion in Q2, concentrated in global equities (-$15.2 billion), partly offset by net inflows into alternatives (+$6.5 billion). Management pointed to continued strength in liquid and illiquid alternatives and ESG strategies. Capital return remained active: AMG repurchased about $80 million of common stock and $45 million of junior convertible debt in Q2, bringing year-to-date repurchases to roughly $265 million of equity and $60 million of convertible debt. The Board declared a $0.01 per share quarterly dividend payable August 25, 2022. Total debt rose to $2.53 billion, largely reflecting the adoption of ASU 2020-06, and cash declined to $606.8 million from $908.5 million at year-end 2021.

Aug 1, 2022 8-K

Other EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 31, 2022)

Affiliated Managers Group, Inc. (AMG) filed an 8-K on May 31, 2022, detailing the results of its Annual Meeting of Stockholders held on May 27, 2022. The primary focus of the filing is the outcome of three key proposals voted upon by shareholders: the election of directors, a non-binding advisory vote on executive compensation, and the ratification of the company's independent registered public accounting firm. All proposals received strong support from the voting stockholders, indicating a general alignment between management and its shareholders on these critical governance matters. The election of directors saw all nominees approved with overwhelming affirmative votes, exceeding 97% of the votes cast for each individual. Similarly, the executive compensation plan received robust approval with 97% of the votes cast in favor. The company's choice of PricewaterhouseCoopers LLP as its independent auditor for the current fiscal year was also ratified by a significant majority, with 90% of the votes cast in favor. These strong voting results suggest a high level of confidence and satisfaction among AMG's stockholders regarding the company's leadership, compensation practices, and independent oversight.

May 31, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Corporate Update (May 27, 2022)

Affiliated Managers Group, Inc. (AMG) filed an 8-K on May 27, 2022, to announce the extension and replacement of its $500 million Equity Distribution Program. This program allows the company to offer and sell its common stock from time to time through a syndicate of agents, including Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC. The new program is established under a recently filed shelf registration statement on Form S-3. Importantly, no shares were issued or sold under the previous Equity Distribution Program, which has now been terminated. While AMG has no immediate plans to issue or sell shares under the new program, the option exists for future flexibility. The filing also details the execution of Forward Sale Agreements, which permit the company to engage in forward sales of its stock. Investors should note that the primary purpose of this filing is to ensure the company has an active equity financing facility available, rather than indicating an immediate intention to raise capital through equity issuance.

May 27, 2022 8-K

Regulation FDOther EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 2, 2022)

AMG reported first-quarter 2022 results that were solid on the metrics it emphasizes most. Economic earnings per share (EEPS) rose 9% year over year to $4.65, while GAAP diluted EPS was $3.44 (up from $3.41). Economic net income (controlling interest) was $190.0 million and Adjusted EBITDA was $255.3 million, up 3% year over year. Assets under management ended the quarter at $776.7 billion, up from $738.0 billion a year earlier, though average AUM of $787.3 billion and net client cash outflows of $2.2 billion still reflect a fragile flow picture. Net client cash flows improved sharply from the $7.5 billion outflow a year earlier, and management said flows were positive excluding certain quantitative strategies. The most significant strategic development is the pending combination of AMG affiliate BPEA with EQT. At closing, AMG expects to receive cash and stock valued at roughly $1 billion (based on the EQT share price on April 29, 2022), which would materially enhance its financial flexibility. The company also closed an additional investment in Systematica Investments and repurchased about $185 million of common stock during the quarter. Those repurchases lowered basic average shares outstanding to 39.7 million from 42.6 million a year earlier. GAAP results were weaker in some respects. Net income attributable to the controlling interest rose only slightly to $146.0 million from $149.9 million, reflecting lower equity method income and investment income, and total assets declined to $8.57 billion. The company also declared a $0.01 per share quarterly dividend payable May 26, 2022 to holders of record on May 12, 2022. Investors should note that management leans heavily on non-GAAP measures, and the change to ASU 2020-06 accounting for convertible securities significantly altered reported debt and equity balances at the start of 2022.

May 2, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Regulation FD Disclosure (Mar 16, 2022)

On March 15, 2022, Affiliated Managers Group (AMG) signed a Securities Purchase and Merger Agreement with EQT AB as part of EQT's announced acquisition of Baring Private Equity Asia (BPEA), an AMG affiliate in which AMG holds a 15% minority interest. AMG will sell its stake for total consideration of $1.1 billion, based on EQT's March 15, 2022 share price: $240 million in cash plus 28.68 million EQT ordinary shares. AMG also retains future carried interest in certain existing BPEA funds. The transaction is expected to close in Q4 2022, subject to customary closing conditions. AMG plans to use roughly 40% of gross proceeds to pay taxes and repay debt, and to deploy the remaining 60% into growth investments and share repurchases over time. AMG originally acquired its stake for $187.5 million in 2016 and expects BPEA to contribute about $35 million of EBITDA in 2022, so the sale represents a substantial realized gain on the investment. A key risk for investors is that the non-cash portion of the consideration is denominated in EQT shares, so the ultimate value will fluctuate with EQT's stock price on Nasdaq Stockholm. AMG has also agreed not to transfer 25% of the EQT shares it receives for six months after closing. The filing is a Regulation FD and Item 8.01 disclosure, and the press release is furnished rather than filed.

Mar 16, 2022 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 7, 2022)

AMG reported fourth-quarter and full-year 2021 results on February 7, 2022, with strong earnings growth driven by Affiliate investment performance, new Affiliate investments, and share repurchases. Full-year 2021 Net Income (controlling interest) was $566 million, or diluted EPS of $13.05, versus $202 million ($4.33) in 2020. Economic EPS, the company's principal performance benchmark, rose 37% to $18.28 and Adjusted EBITDA rose 33% to $1,059 million. Fourth-quarter diluted EPS was $4.17 and Economic EPS was $6.10, compared with $2.54 and $4.22 a year earlier. Assets under management ended 2021 at $813.8 billion, up from $716.2 billion, though net client cash flows were negative for the full year at -$18.5 billion (-$6.2 billion in the quarter), excluding certain quantitative strategies per management. Management highlighted $12 billion of net inflows into liquid and illiquid alternatives in the quarter. The company also closed an additional investment in Systematica and a new Affiliate, Abacus Capital Group, and repurchased about $120 million of stock in Q4 and $510 million for the full year. Capital return remains a focus. The Board declared a $0.01 per share quarterly dividend payable March 3, 2022, and expanded the share repurchase authorization by 2.0 million shares, bringing total capacity to 5.1 million shares, with no expiration. Investors should note that the earnings improvement was partly driven by equity method income, which swung to $242.5 million from a $43.4 million loss, and by lower share count from buybacks, so underlying client flows and fee-based revenue growth warrant continued monitoring.

Feb 7, 2022 8-K

Material AgreementsFinancial EventsExhibits & Filings

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Nov 1, 2021)

AMG reported third-quarter 2021 results with GAAP diluted EPS of $3.00 (versus $1.53 a year earlier) and Economic EPS of $4.00 (versus $3.27). Net income attributable to controlling interest was $128 million and Economic Net Income was $169 million. Adjusted EBITDA rose 26% year over year to $228 million, driven by Affiliate investment performance and new investments. Revenue grew to $575 million from $495 million, and AUM reached $748 billion at quarter end, up from $654 billion a year earlier. Growth was not uniform across flows. Net client cash flows were positive at $3.3 billion for the quarter, a sharp reversal from $(14.0) billion in the prior-year quarter, though nine-month net outflows of $(12.3) billion remain negative. Alternatives delivered the strongest flows, with $8.1 billion of net inflows, while Global Equities saw $(3.0) billion of outflows. GAAP results were also affected by lower intangible amortization ($8.9 million versus $31.9 million) and a large swing in equity method income, which turned to $35.9 million from $17.0 million. Capital deployment remained active. AMG repurchased $100 million of stock in the quarter, bringing year-to-date buybacks to $390 million, and declared a $0.01 per share quarterly dividend payable November 24, 2021. Management highlighted the Abacus Capital Group partnership and the Parnassus Investments investment, which closed October 1, 2021 and is not reflected in these results. Diluted share count fell to 44.3 million from 46.5 million a year earlier, which supports per-share metrics.

Nov 1, 2021 8-K

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Oct 26, 2021)

Affiliated Managers Group, Inc. (AMG) has executed an amendment and restatement of its credit facilities, enhancing its financial flexibility. On October 25, 2021, the company entered into a Second Amended and Restated Credit Agreement for a $1.25 billion revolving credit facility and a Fourth Amended and Restated Term Credit Agreement for a $350 million term loan. Both facilities mature in October 2026 and are with Bank of America, N.A. This strategic move allows for potential increases in borrowing capacity, up to an additional $500 million for the revolving facility and $75 million for the term loan, subject to certain conditions. The extended maturity dates and increased capacity provide AMG with substantial resources to support its ongoing operations and strategic initiatives. The revolving credit facility's proceeds are earmarked for general corporate purposes, including working capital, investments in affiliates, debt repayments, share repurchases, and dividend payments. The filing also notes the inclusion of customary financial covenants, affirmative and negative covenants, and events of default, with provisions for LIBOR succession, all designed to ensure prudent financial management while maintaining operational flexibility.

Oct 26, 2021 8-K