8-KEarnings & ResultsLeadership ChangesOther Events+1

AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Feb 1, 2011)

Filed February 1, 2011For Securities:AMGMGRBMGRMGRDMGRE

Summary

Affiliated Managers Group, Inc. (AMG) filed an 8-K on February 1, 2011, primarily announcing its financial and operating results for the quarter and year ended December 31, 2010, via an accompanying press release (Exhibit 99.1 and 99.3). This filing also disclosed significant executive leadership changes. Nathaniel Dalton has been appointed President, Jay C. Horgen named Chief Financial Officer and Treasurer, and John Kingston, III appointed Vice Chairman. These appointments are effective as of the Company's Annual Meeting on May 24, 2011, with all reporting to Chairman and CEO Sean M. Healey. The report also detailed the retirement of Darrell W. Crate from his positions as Chief Financial Officer, Executive Vice President, and Treasurer, effective May 24, 2011. Following his retirement from these roles, Mr. Crate will transition to an advisory role through February 2016, receiving compensation consistent with his prior role and continued benefits, subject to Board determination. He will also adhere to confidentiality and non-competition agreements. The executive changes signal a planned transition in senior management.

Key Highlights

  • 1AMG announced Q4 and Full Year 2010 financial and operating results via press release.
  • 2Significant executive leadership changes effective May 24, 2011 Annual Meeting.
  • 3Nathaniel Dalton appointed President (retaining COO role).
  • 4Jay C. Horgen appointed Chief Financial Officer and Treasurer (retaining New Investments oversight).
  • 5John Kingston, III appointed Vice Chairman (retaining General Counsel role).
  • 6Darrell W. Crate to retire as CFO, EVP, and Treasurer.
  • 7Darrell W. Crate to transition to an advisory role through February 2016 with continued compensation and benefits.

Frequently Asked Questions

This 8-K filing itself does not contain the detailed financial statements. Instead, it refers to a press release issued on February 1, 2011, as Exhibit 99.1 and Exhibit 99.3, which contains the financial and operating results for the quarter and year ended December 31, 2010. Investors would need to review these exhibits for specific financial performance details.

The filing announces the appointment of Nathaniel Dalton as President, Jay C. Horgen as Chief Financial Officer and Treasurer, and John Kingston, III as Vice Chairman. These changes are effective from the May 24, 2011 Annual Meeting. Additionally, Darrell W. Crate is retiring from his executive roles but will remain with the company in an advisory capacity.

Following his retirement as Chief Financial Officer, Executive Vice President, and Treasurer, Mr. Crate has agreed to provide advisory services to AMG through February 2016. He is expected to receive compensation in line with his prior role for the period of service, and his equity awards will remain outstanding, subject to certain sale restrictions. He will also continue to receive medical and dental insurance for two years and is bound by confidentiality and non-competition agreements.

Jay C. Horgen has been appointed as the new Chief Financial Officer and Treasurer, effective from the Company's Annual Meeting on May 24, 2011. He will continue to oversee the Company’s New Investments activities in addition to his new financial responsibilities.