How did AMG's operating expenses trend in Q4 2024?

**Affiliated Managers Group's (AMG) operating expenses in Q4 2024 are not currently available**. However, insights into the company's financial performance and trends in operating expenses can be inferred from related data points. 1. **Recent Performance Context**: AMG reported strong Q3 2024 results, with a significant increase in Economic Earnings per Share by 18% year-over-year, reaching $4.82. The company reported a net income of $124 million and repurchased $103 million in common stock during the quarter. Assets under management rose to $728.4 billion, driven by strategic investments and capital allocation. 2. **Strategic Investments and Capital Allocation**: AMG raised approximately $7 billion through its private market affiliates, underscoring robust demand for its specialized strategies. The company's business mix is evolving towards secular growth areas, with alternative strategies now contributing significantly to earnings. This shift suggests a strategic focus on growth areas, which could imply that operating expenses may be trending upwards to support expanded operations and investment initiatives. 3. **Industry Trends and Challenges**: Despite strong fundraising, AMG experienced net client cash outflows of $3 billion in the third quarter, although this was an improvement from the previous year. The company faces industry headwinds in active equities, which offset some of the growth in alternatives. Performance fees for the year are expected to be below the historical average due to underperformance in certain absolute return strategies. These factors suggest that while AMG is performing strongly in some areas, it is not immune to broader industry challenges that could impact expense trends. In conclusion, while specific data on AMG's operating expenses in Q4 2024 is not available, the company's strong financial performance, strategic investments, and industry positioning suggest that expenses may have been trending upwards to support growth initiatives and respond to industry challenges.