AMG · AFFILIATED MANAGERS GROUP, INC.

369 filings

AMG SEC Filings

AFFILIATED MANAGERS GROUP, INC. - 369 total filings

Filing record · 2016–202610-K1510-Q328-K101

Showing 1–50 of 369 filings

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q2 Ended Jun 30, 2026

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, 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.

Aug 7, 2026 8-K

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2026

Affiliated Managers Group, Inc. (AMG) reported strong financial performance for the three months ended March 31, 2026, with Net Income attributable to controlling interest soaring by 52% to $110.4 million, or $3.84 per diluted share, compared to $72.4 million, or $2.20 per diluted share, in the prior year period. This growth was driven by a significant 76% increase in revenue from equity method Affiliates, contributing to a 96% rise in Equity Method Income (Net). Consolidated revenue also saw a healthy 10% increase. The company highlighted substantial growth in Assets Under Management (AUM), which reached $882.0 billion, a 24% increase year-over-year, driven by strong inflows into alternative strategies, particularly private markets and liquid alternatives. Management's Discussion and Analysis indicates a strategic focus on these in-demand areas, positioning AMG to benefit from industry growth trends with a diversified business profile. While overall expenses rose by 11%, driven by compensation and related expenses (up 25%) and SG&A (up 13%), a notable decrease in intangible amortization and impairments (down 41%) provided a significant tailwind to profitability. The company also successfully navigated the redemption and cash settlement of its junior convertible securities, incurring associated expenses but strengthening its capital structure. AMG's liquidity remains robust, supported by operating cash flows and a significant revolving credit facility.

May 7, 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 10-K

AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2025

Affiliated Managers Group, Inc. (AMG) reported strong performance in fiscal year 2025, with assets under management (AUM) growing 15% to $813.3 billion. This growth was driven by net client inflows, positive investment performance, and strategic partnerships with new affiliates, particularly in alternative strategies like private markets and liquid alternatives. The company's strategic shift towards alternatives is designed to enhance long-term organic growth and earnings stability. Financially, AMG saw a significant increase in net income (controlling interest) of 40% to $716.6 million, boosted by substantial affiliate transaction gains totaling $371.3 million and a 48% increase in equity method income. Adjusted EBITDA (controlling interest) also grew by 11% to $1.08 billion. The company maintained a solid financial position with a leverage ratio of 0.9x and ample liquidity. AMG continues to return capital to shareholders through share repurchases and dividends, demonstrating a commitment to shareholder value.

Feb 17, 2026 8-K

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, 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

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

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Affiliated Managers Group, Inc. (AMG) reported a strong third quarter and year-to-date performance for the period ending September 30, 2025. Net income attributable to controlling interest saw a significant increase of 72% for the quarter and 6% year-to-date, driven by robust Affiliate transaction gains and growth in equity method income. Total consolidated revenue experienced a modest 2% increase for the quarter, with a slight increase year-to-date. However, total consolidated expenses rose by 9% for the quarter and 15% year-to-date, largely due to an increase in compensation and related expenses, particularly affiliate equity compensation. Despite increased expenses, the company demonstrated strong operational performance, with assets under management growing to $803.6 billion and aggregate fees increasing by 16% for the quarter. The company also maintained a solid liquidity position, with significant cash and cash equivalents and access to its revolving credit facility.

Nov 6, 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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q2 Ended Jun 30, 2025

Affiliated Managers Group, Inc. (AMG) reported its financial results for the six months ended June 30, 2025. While consolidated revenue saw a slight year-over-year decrease, the company experienced growth in its assets under management (AUM), reaching $771.0 billion. The company's Net Income for the six months decreased significantly by 30% compared to the prior year, primarily due to a substantial increase in intangible amortization and impairments, which included a $70.0 million impairment charge on indefinite-lived acquired client relationships. However, Net income attributable to controlling interest saw a modest increase for the three-month period. The company continues to execute its strategy of investing in high-quality independent investment firms and noted strategic acquisitions and divestitures, including the sale of its interest in Peppertree and the agreement to sell a portion of its interest in Comvest. Despite the decrease in net income for the six-month period, driven by specific impairment charges, the underlying operational strength appears robust with AUM growth and an increase in consolidated revenue for the three-month period. The company's liquidity remains stable, with sufficient cash reserves and access to its revolving credit facility. Investors should monitor the impact of the intangible asset impairment charges and the ongoing integration of new investments and divestitures on future profitability.

Aug 7, 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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2025

Affiliated Managers Group, Inc. (AMG) reported a significant decrease in net income for the first quarter of 2025 compared to the prior year, primarily driven by a substantial increase in intangible amortization and impairments. Consolidated revenue saw a slight decrease of 1%, while aggregate fees from all affiliates experienced a more notable decline of 14%, largely due to lower performance-based fees. Despite these headwinds, assets under management (AUM) grew by 2% to $712.2 billion, with particular strength in alternatives (private markets and liquid alternatives). The company also completed several strategic minority investments in the period and announced a divestiture, indicating continued strategic repositioning. Operating cash flow remained stable, but investing activities turned negative due to new affiliate investments, and financing activities continued to utilize cash for share repurchases and distributions.

May 8, 2025 8-K

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 10-K

AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2024

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.

Feb 14, 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

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q3 Ended Sep 30, 2024

Affiliated Managers Group, Inc. (AMG) reported a decrease in Net income attributable to controlling interest to $123.6 million for the three months ended September 30, 2024, down from $217.0 million in the prior year period. For the nine months ended September 30, 2024, Net income attributable to controlling interest was $349.5 million, a decrease from $476.8 million in the same period last year. This decline is largely attributed to the absence of a significant gain from the Veritable transaction recognized in the prior year, coupled with a decrease in investment and other income. Despite the decline in net income, the company demonstrated growth in its key operating performance measures. Assets under management increased by 15% year-over-year to $728.4 billion as of September 30, 2024. Aggregate fees also saw a robust increase of 16% for the quarter and 6% for the year-to-date period, driven by strong performance in alternatives and liquid alternatives strategies. The company continues to strategically invest in its Affiliates and support their growth, focusing on private markets and liquid alternatives, aligning with long-term client demand trends.

Nov 7, 2024 8-K

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q2 Ended Jun 30, 2024

Affiliated Managers Group, Inc. (AMG) reported its financial results for the three and six months ended June 30, 2024. For the three months, net income attributable to controlling interest decreased by 39% to $76.0 million compared to $125.3 million in the prior year. For the six months, net income attributable to controlling interest decreased by 13% to $225.8 million compared to $259.8 million in the prior year. This decrease was primarily driven by lower equity method income, increased income tax expenses, and a decrease in investment and other income, partially offset by higher equity method earnings in the six-month period. Despite the decline in net income, total assets under management (AUM) increased to $701.0 billion as of June 30, 2024, up from $673.9 billion at the start of the period. This growth was fueled by strong inflows into alternative strategies, particularly private markets and liquid alternatives, which offset outflows in equity strategies. The company also repurchased a significant amount of its own stock during the period, demonstrating a commitment to returning capital to shareholders.

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2024

Affiliated Managers Group, Inc. (AMG) reported its first-quarter 2024 financial results, showing a 5% increase in Assets Under Management (AUM) to $699.4 billion. While consolidated revenue saw a slight decrease of 3% to $499.9 million, Net Income attributable to controlling interest rose by a notable 11% to $149.8 million, driven by a significant 74% increase in equity method earnings. Key operational highlights include growth in alternative strategies and a solid performance in private markets, with 86% of AUM outperforming benchmarks across the latest and three-year vintages. The company also demonstrated a strong commitment to shareholder returns through robust share repurchases, totaling 1.0 million shares in the quarter. Despite a slight dip in aggregate fees, the company's strategic investments in new Affiliates and focus on high-growth areas position it for continued value creation.

May 7, 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

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 10-K

AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2023

Affiliated Managers Group, Inc. (AMG) reported strong performance in its 2023 fiscal year, with total assets under management (AUM) reaching $673 billion, a 3% increase from the previous year. This growth was driven by net inflows into alternative strategies, particularly private markets and liquid alternatives, which offset outflows in equity strategies. The company's aggregate fees saw a 9% decrease to $5.1 billion, largely due to lower average AUM in global equities and the impact of the BPEA transaction, alongside a reduction in performance fees, particularly in liquid alternative strategies. Financially, net income attributable to controlling interest declined by 41% to $673 million, primarily due to lower affiliate transaction gains and equity method income, although a decrease in income tax expense provided some offset. The company continues to focus on its partnership approach with independent investment firms, emphasizing growth in private markets, liquid alternatives, sustainable investing, and wealth management. AMG also continued its share repurchase program, buying back approximately 3 million shares during the year, demonstrating a commitment to returning capital to shareholders.

Feb 16, 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

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q3 Ended Sep 30, 2023

Affiliated Managers Group, Inc. (AMG) reported a strong third quarter for 2023, with Net Income attributable to controlling interest increasing by 93% to $217.0 million, or $5.48 per diluted share, compared to the prior year period. This substantial growth was significantly driven by a $133.1 million pre-tax gain from the sale of Veritable, LP, and an increase in investment and other income. For the first nine months of 2023, Net Income attributable to controlling interest rose 30% to $476.8 million, or $12.28 per diluted share, also bolstered by the Veritable transaction gain and growth in equity method income. Despite an overall decrease in consolidated revenue, which declined 9% for the quarter and 13% year-to-date due to lower asset-based and performance-based fees, the company demonstrated operational resilience. Expenses were managed effectively, with total consolidated expenses decreasing by 16% for the quarter. The company also saw a notable increase in its cash position, with cash and cash equivalents rising to $999.2 million. AMG continues to focus on its strategy of investing in independent investment management firms and supporting their long-term growth, with recent minority investments in Forbion Group Holding B.V. and Ara Partners Group, LLC.

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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q2 Ended Jun 30, 2023

Affiliated Managers Group, Inc. (AMG) reported mixed financial results for the six months ended June 30, 2023. While net income attributable to controlling interest saw a slight increase of 2% to $259.8 million compared to the prior year, consolidated revenue declined by 15% to $1,029.9 million. This revenue decrease was primarily driven by lower asset-based fees due to a reduction in average assets under management, particularly in global equity strategies. Despite the revenue challenges, the company demonstrated resilience through strong performance in equity method income, which increased by 45% to $114.5 million, largely driven by performance-based fees in liquid alternative strategies. Additionally, investment and other income significantly increased, contributing positively to net income. The company maintained a robust balance sheet with total assets of $8,966.1 million as of June 30, 2023, and managed its capital effectively through share repurchases and debt management.

Aug 7, 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 10-Q

AFFILIATED MANAGERS GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2023

Affiliated Managers Group, Inc. (AMG) reported its first-quarter 2023 results, showing a decrease in net income attributable to controlling interest to $134.5 million from $146.0 million in the prior year period. This decline was primarily driven by a 15% reduction in consolidated revenue, largely due to lower asset-based fees stemming from decreased consolidated affiliate average assets under management, particularly in U.S. and global equity strategies. Despite the revenue dip, total consolidated expenses also decreased by 4%, mainly due to lower compensation and related expenses. However, the company saw a significant increase in aggregate fees by 13%, reaching $1,505.1 million. This growth was fueled by a substantial 27% rise in performance-based fees, offsetting a 14% decrease in asset-based fees, which was impacted by the BPEA Transaction. Equity method revenue also saw a strong 37% increase, driven by performance-based fees in liquid alternative strategies. The company maintained a solid liquidity position with cash and cash equivalents of $832.8 million as of March 31, 2023.

May 8, 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 10-K

AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2022

Affiliated Managers Group, Inc. (AMG) reported its 2022 fiscal year results, showcasing a strong performance driven by strategic investments and a notable gain from the sale of its equity interest in BPEA. Despite a 20% decrease in overall assets under management (AUM) to $651 billion, largely due to market downturns, the company demonstrated resilience. Aggregate fees saw a slight decrease of 1% to $5.56 billion, primarily due to lower asset-based fees, though performance-based fees showed an increase. Net income attributable to controlling interest surged significantly, largely due to a $641.9 million gain from the BPEA transaction. The company continued its commitment to returning capital to shareholders, repurchasing approximately $718 million of its common stock during the year, and maintained its investment-grade credit ratings. AMG's strategy remains focused on partnering with high-quality independent investment management firms in growth areas like private markets, liquid alternatives, and sustainable investing. The company made strategic investments in Systematica Investments and Peppertree Capital Management, Inc., reinforcing its focus on long-term value creation. While facing industry headwinds such as increased competition and shifts towards lower-fee products, AMG's diversified business model and focus on specialized strategies position it to navigate the evolving investment landscape. Investors should monitor the impact of market volatility on AUM and fee generation, as well as the company's ongoing investment strategy and capital allocation decisions.

Feb 17, 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

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