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- **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.

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