Did Affiliated Managers Group beat or miss consensus estimates last quarter?

What guidance did Affiliated Managers Group's management provide for the next earnings period?

What factors drove the changes in Affiliated Managers Group's revenue and profit?

What is the market's earnings forecast for Affiliated Managers Group next quarter?

What is the revenue and EPS growth rate for Affiliated Managers Group year over year?

What were the key takeaways from Affiliated Managers Group’s earnings call?

What does Affiliated Managers Group do and what are its main business segments?

What is Affiliated Managers Group's latest dividend and current dividend yield?

- **17% EBITDA Growth**: Q3 2025 EBITDA up 17% YoY to $251M, driven by $9B net inflows and 30% YoY alternative AUM growth.
- **Alternative Dominance**: 55% of EBITDA from alternatives, with AQR and Pantheon contributing double-digit earnings growth.
- **BBH Collaboration**: Strategic partnership to expand structured credit in U.S. wealth, supported by $1.5B in new investments.
- **2026 Outlook**: Full-year EBITDA and EPS growth expected, with $17B YTD net inflows and 55% alternative contribution.
- **Share Buybacks**: $500M+ target in 2025, reducing share count by 40% over 6 years.

**【CEO Summary Section】**
- **Record EBITDA Growth**: Q3 2025 EBITDA increased 17% YoY to $251 million, driven by $9 billion in net inflows and alternative AUM growth to $353 billion (55% of EBITDA). Full-year 2026 EBITDA is expected to rise meaningfully.
- **Alternative Strategy Momentum**: $17 billion year-to-date net inflows (3% annualized organic growth) and $76 billion in alternative AUM additions (30% YoY growth). AQR and Pantheon contribute double-digit earnings growth.
- **Strategic Collaborations**: Announced BBH Credit Partners collaboration to expand structured credit solutions in U.S. wealth channel, with $1.5 billion invested in new affiliates and share buybacks.
- **Capital Deployment**: Sold minority stakes in Comvest and Peppertree, generating $545 million in proceeds, supporting $500+ million share repurchases in 2025.

**【COO Strategic Initiatives】**
- **Liquid Alternatives Dominance**: Q3 2025 liquid alternatives inflows hit $14 billion (record high), driven by AQR's tax-aware strategies and 14% YoY fee-related EBITDA growth.
- **Private Markets Strength**: $4 billion in private markets fundraising (Pantheon, EIG, Abacus) and 27% YoY economic EPS growth to $6.10.
- **BBH Collaboration Details**: AMG provides $100+ million seed capital and distribution expertise to expand BBH's structured credit franchise, targeting U.S. wealth channel demand.
- **Pipeline Activity**: 4 new affiliate investments in 2025 (Northbridge, Verition, Montefiore, Qualitas Energy) and active dialogue on 20+ potential deals.

**【CFO Financial Highlights】**
- **Q3 2025 Results**: Adjusted EBITDA $251 million (+17% YoY), Economic EPS $6.10 (+27% YoY), $77 million share buybacks (total $350M YTD).
- **Q4 2025 Guidance**: EBITDA $325-370 million, EPS $8.10-9.26, with $1.5 billion allocated to growth investments and buybacks.
- **2026 Outlook**: Full-year EBITDA and EPS growth driven by $17 billion YTD net inflows, 55% alternative EBITDA contribution, and $1.5 billion capital deployment.
- **Balance Sheet**: $260M+ from affiliate sales, $500M+ buyback target, and strong cash generation supporting disciplined capital allocation.

**【Q&A Highlights】**
- **BBH Collaboration**: BBH chose AMG for structured credit expansion due to AMG's capital formation capabilities and alignment with U.S. wealth channel trends.
- **Pipeline Confidence**: 20+ active deals in private markets and liquid alternatives, targeting mid-teen returns or shareholder value creation.
- **AQR Growth**: $166 billion AUM (vs. $100B in 2024), 2-year head start in tax-aware strategies, and 14% YoY fee-related EBITDA growth.
- **Risk Management**: Diversified alternative AUM (55% of EBITDA) and disciplined capital allocation reduce volatility.

Affiliated Managers Group, Inc. (AMG) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 15% YoY increase in EPS driven by $8 billion net client cash flows and alternative AUM expansion.
- **Strategic Shift**: 55% of EBITDA now from alternatives, with 20% annualized growth in alternative AUM.
- **New Partnerships**: 4 new affiliates (Verition, NorthBridge, Qualitas, Montefiore) enhance private markets and liquid alternatives exposure.
- **Share Repurchases**: $400 million expected for 2025, supporting EPS growth and capital allocation flexibility.
- **Q&A Highlights**: AQR's tax-aware solutions and Pantheon's secondaries growth key to EBITDA expansion; no material impact from European client reallocation trends.

**【CEO Summary Section】**
- Q2 2025 reported 15% year-over-year growth in economic earnings per share (EPS) and $8 billion in net client cash flows, driven by record inflows into alternative strategies.
- Alternative AUM grew by $55 billion in the first half of 2025, representing a 20% increase, with 55% of EBITDA now generated by alternative strategies.
- New partnerships with Verition, NorthBridge, Qualitas Energy, and Montefiore highlight strategic focus on private markets and liquid alternatives.
- Anticipated meaningful increase in 2026 full-year EPS due to alternative AUM growth and share repurchases.

**【President & COO Financial Commentary】**
- Q2 organic growth rate of 5% (annualized), with $19 billion in alternative inflows offsetting $11 billion in outflows from active equities.
- Private markets AUM reached $150 billion, growing 50% since 2022, with 20% annualized growth in alternative AUM.
- Liquid alternatives generated $12 billion in net inflows, driven by tax-aware solutions and AQR's leadership in the space.
- Entry into active ETFs (e.g., AMG GW&amp;K Muni Income ETF) expands affiliate reach in the U.S. wealth channel.

**【CFO Financial Commentary】**
- Q2 adjusted EBITDA of $220 million, up 1% YoY, with fee-related earnings growing 4% due to higher AUM and alternative strategy performance.
- Q3 guidance: EBITDA $230-$240 million, EPS $5.62-$5.87, reflecting share repurchases and new investments (e.g., Verition, Montefiore).
- $273 million in share repurchases year-to-date, with $400 million expected for 2025, supporting EPS growth.
- Strong balance sheet with $260 million proceeds from Peppertree stake sale and $1.25 billion revolver capacity.

**【Q&A Highlights】**
- **AQR's Tax-Aware Strategies**: $30 billion in AUM, 40% fee rate, and performance fees driving double-digit EBITDA contribution.
- **Pantheon Growth**: $85 billion in private markets AUM, mid-teens revenue growth, and secondaries market leadership.
- **Buyback Strategy**: No natural share count limit; repurchases balanced with growth investments.
- **Geopolitical Trends**: No significant impact on flows, with diversification across geographies mitigating risks.

Affiliated Managers Group, Inc. (AMG) Q2 2025 Earnings Call Transcript

- **Record Alternative Inflows**: $14 billion net inflows into alternatives, offsetting long-only outflows, signaling strategic shift to higher-margin assets.
- **Rapid New Investment Pace**: $700 million invested in 3 new partnerships YTD, fastest in a decade, targeting industrial logistics, energy transition, and multi-strategy alternatives.
- **Financial Performance**: Q1 EBITDA $228 million, with fee-related earnings up 4% YoY; 8% accretion to 2026 EPS expected from new investments.
- **Shareholder Returns**: $173M Q1 buybacks, $400M+ 2025 target, and Peppertree sale generating $240M proceeds for reinvestment.
- **Wealth Channel Growth**: $40 billion global alternative AUM in wealth channel, with 3 new products launched and 2 more in pipeline, driven by tax-aware solutions and multi-strategy funds.

**【CEO Summary Section】**
- AMG achieved record $14 billion net client cash inflows into alternative strategies, offsetting long-only outflows. This reflects a strategic shift toward higher fee, longer-duration assets.
- Announced 3 new partnerships (Northbridge, Fruition, Qualitas Energy) with $700 million invested YTD, the fastest pace in nearly a decade. Each is expected to be accretive to earnings.
- New investments target secular growth areas: industrial logistics real estate (Northbridge), energy transition (Qualitas Energy), and multi-strategy alternatives (Verition).
- Repurchased $173 million in shares Q1, with $400 million expected for 2025, supporting capital allocation discipline.
- Peppertree sale (minority stake) generated $240 million proceeds, doubling initial investment, demonstrating affiliate success alignment.

**【CFO Financial Commentary】**
- Q1 adjusted EBITDA: $228 million (down 12% YoY due to lower performance fees and prior year catch-up fee). Fee-related earnings grew 4% YoY driven by alternative AUM growth.
- Economic EPS: $5.20 (down 3% YoY) due to share buybacks and market beta effects.
- Q2 guidance: EBITDA $210-225 million, including Verition contribution and no impact from Qualitas/Q3 Peppertree close.
- New investments (Northbridge, Verition, Qualitas) expected to accrete 8% to 2026 economic EPS, with upside from organic growth.
- Balance sheet remains strong: $1.25 billion undrawn revolver, 20+ year debt maturity, and recurring cash flow from diverse affiliates.

**【Q&A Key Highlights】**
- **Strategic Partnerships**: Jay emphasized affiliate independence and mutual success, with Peppertree sale highlighting value realization. No plans to sell majority-owned affiliates.
- **Liquid Alternatives Growth**: $10 billion Q1 inflows (record) driven by tax-aware solutions in wealth channel. Verition's multi-strategy platform adds $12.6 billion AUM and low-correlation returns.
- **Equity Market Dynamics**: Long-only outflows reflect industry headwinds, but high-quality, defensive equity strategies show resilience. Global exposure benefits from dollar weakness.
- **Wealth Channel Product Development**: 3 new evergreen products launched in past year, with 2 more filed. AMG Pantheon fund surpasses $5 billion AUM, part of $40 billion global wealth alternative AUM.
- **Organic Growth**: Alternatives now >50% of earnings, with private markets and liquid alts driving long-term fee stability and performance fee potential.

Affiliated Managers (AMG)-8 May 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 economic EPS up 10% to $21.36, driven by alternatives expansion.
- **Strategic Expansion**: $24B private markets fundraising and new NorthBridge partnership in industrial logistics.
- **Liquid Alternatives Momentum**: 2nd consecutive quarter of inflows ($2B Q4) and growing US wealth platform AUM to $6B.
- **2025 Outlook**: Q1 EBITDA guidance $220-230M, with focus on balancing new investments and $400M+ share buybacks.

**【CEO Opening Remarks】**
- AMG achieved record economic EPS of $21.36 in 2024, up 10% YoY, driven by strategic capital allocation and growth in alternatives.
- Increased exposure to private markets with $24B raised in 2024, including new affiliate NorthBridge Partners specializing in industrial logistics real estate.
- 2025 pipeline remains strong with late-stage opportunities in private markets and liquid alternatives, emphasizing partner-owned firms in secular growth areas.

**【COO Business Review】**
- Private markets affiliates raised $6B in Q4, full year $24B (20% YoY organic growth), led by Comvest, EIG, Forbion, Pantheon.
- Liquid alternatives saw $2B net inflows in Q4, 2nd consecutive quarter of positive flows, driven by AQR, Winton, Systematica.
- US wealth platform alternatives AUM grew 10x over 5 years to $6B, with $2.5B inflows in 2024 and 6 new evergreen products launched.

**【CFO Financial Highlights】**
- Q4 adjusted EBITDA: $282M (-5% YoY) with $70M performance fees.
- Full year adjusted EBITDA: $973M (+4% YoY), fee-related earnings up 10%.
- 2024 economic EPS: $21.36 (+10% YoY), benefiting from $700M share buybacks (13% of shares outstanding).
- 2025 guidance: Q1 EBITDA $220-230M, annual performance fees ~$150M.

**【Q&A Key Takeaways】**
- Pipeline: Strong mix of mid-sized ($250M-$750M) and larger transactions, with NorthBridge as model of minority stake + strategic partnership.
- Administrative changes: Pro-investment environment may accelerate deal flow.
- Product development: Active ETFs and alternative solutions for wealth channel remain top priorities, with 2 new strategies filed for 2025 launch.

AMG

AMG fundamentals

Earnings Call

You can ask Aime