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Here are a few analogies for Affiliated Managers (AMG):

• A Berkshire Hathaway for asset managers

• An LVMH for investment management firms

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• Investment Management Services: Provides professional management of financial assets for diverse client types, including mutual funds, institutional clients, and high net worth individuals.
• Advisory and Subadvisory Services for Mutual Funds: Offers specialized expertise in managing and advising investment portfolios for mutual funds.
• Equity Investment Products: Provides a range of investment strategies focused on various market capitalizations (small, mid, large cap) and investment styles (value, growth, emerging markets).
• Quantitative Investment Products: Employs data-driven models and systematic approaches for investment selection and portfolio management.
• Alternative Investment Products: Offers diverse strategies that typically involve non-traditional assets or complex structures to achieve specific investment objectives.
• Fixed Income Products: Manages portfolios primarily composed of bonds and other debt securities across different credit qualities and maturities.
• Customized Investment Counseling: Delivers personalized investment advice and strategic financial planning tailored to individual client needs.
• Fiduciary Services: Acts in a position of trust, managing assets and providing advice with the client's best interests as the primary focus.

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Affiliated Managers Group (AMG) sells its investment management services primarily to a mix of institutional clients and high net worth individuals, as well as providing services to mutual funds. Since the company serves various categories of clients rather than primarily selling to specific named companies, its major customers can be described in the following categories:

• Institutional Clients: This broad category includes foundations, endowments, corporations (for their defined benefit and defined contribution plans), and municipalities. These clients access AMG's investment products through various institutional distribution channels. This category also includes entities such as independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments that act as intermediaries or direct clients.
• High Net Worth Individuals: AMG provides direct investment management and customized investment counseling and fiduciary services to wealthy individual investors.
• Mutual Funds: Affiliated Managers Group provides advisory or subadvisory services directly to mutual funds. These funds then distribute to retail and institutional clients.

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Jay C. Horgen, Chief Executive Officer

Mr. Horgen was appointed President and CEO in 2019, having previously served as Chief Financial Officer from 2011 to 2019, and as Executive Vice President, New Investments prior to 2011. Before joining AMG in 2007, Mr. Horgen founded a private equity firm, Eastside Partners, where he served as a Managing Director. From 1993 to 2005, he focused on asset management as an investment banker in the Financial Institutions Groups at Merrill Lynch & Co. and Goldman Sachs & Co.

Dava Ritchea, Chief Financial Officer

Ms. Ritchea joined AMG in 2024. Prior to AMG, she served as Chief Financial Officer of Sculptor Capital Management Inc. from 2021, a publicly listed company until its acquisition by Rithm Capital Corporation. She also served as CFO at Assured Investment Management LLC (formerly BlueMountain Capital Management, LLC) from 2017 to 2021. Earlier in her career, Ms. Ritchea held investment banking and strategy roles at Credit Suisse Group AG, Barclays Capital Inc., and Lehman Brothers Inc.

Thomas M. Wojcik, President and Chief Operating Officer

Mr. Wojcik was appointed President and Chief Operating Officer effective April 1, 2024. He previously served as CFO and COO at AMG. He has prior experience as a CFO for BlackRock, Inc.'s EMEA region. He oversees the Company's capital formation capabilities.

Cheerag B. Patel, Co-Head of Affiliate Engagement and Co-Head of Affiliate Partnerships

Mr. Patel joined AMG in 2014. He focuses on strategy and growth opportunities for Affiliates. Prior to AMG, he was a Senior Analyst in the Asset Management Strategy and Business Development Group of Fidelity Investments, and an Associate in the Firmwide Strategy Group of Goldman, Sachs & Co.

Kavita Padiyar, General Counsel and Corporate Secretary

Ms. Padiyar serves as the General Counsel and Corporate Secretary for Affiliated Managers Group.

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1. Sensitivity to Market Conditions and Industry Fee Pressure: Affiliated Managers Group's financial performance is highly dependent on overall market conditions, including economic cycles, market volatility, inflation, and interest rate environments. Downturns can lead to reduced asset values and investor withdrawals, directly impacting the company's revenue, which is largely derived from asset-based fees. Furthermore, the asset management industry faces intensifying competition and pressure on fees, particularly from the growth of passive investing, which can lead to a deterioration of expense ratios and negatively affect AMG's profitability. There is also a concern regarding the longevity of active managed funds and outflows from traditional active equities.
2. Operational Risks in the Affiliate Model and Concentration Risk: AMG operates through a network of independent investment firms (affiliates), and its business model relies heavily on the performance and management of these affiliates. Any strategic missteps or performance issues at the affiliate level can have a cascading effect on AMG's overall reputation and financial results. Additionally, there is a risk of concentration if a few major affiliates experience performance challenges or significant client redemptions, which could disproportionately impact AMG's consolidated financials. Successfully maintaining alignment and managing the diverse operational structures across its independent firms presents an ongoing challenge.
3. Regulatory Changes and Increased Compliance Costs: The asset management industry is subject to extensive and stringent regulatory oversight across the numerous jurisdictions in which AMG and its affiliates operate. Changes in regulations, such as those related to global minimum corporate tax rates, can significantly increase compliance costs, impact AMG's tax strategy, and affect its operations and financial performance. The need for constant vigilance and adaptation to evolving regulatory landscapes is a critical and ongoing challenge.

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• Direct indexing platforms
• Expansion and evolution of robo-advisors and digital wealth management platforms

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Affiliated Managers Group, Inc. (symbol: AMG) operates within the global asset and wealth management industry, providing a range of investment management and advisory services to a diverse client base.

The addressable markets for their main products and services include:

• Global Asset Management Market: The global asset management industry reached a record-breaking $128 trillion in assets under management (AuM) in 2024. This figure is projected to surge to $200 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.2%. Another estimate places the global asset management market size at USD 469 billion in 2024, projected to grow to USD 6 trillion by 2034 with a CAGR of 29.9% between 2025 and 2034. North America held the dominant share of the global asset management market, accounting for approximately 63% of total AUM among the top 500 firms in 2024, representing USD 88.2 trillion. PwC estimates global AuM to rise from US$139 trillion in 2024 to $200 trillion by 2030. The global asset management market size was also estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 36.4% from 2024 to 2030. In terms of revenue, the global asset and wealth management market is expected to grow from USD 3.81 billion in 2023 to USD 5.89 billion by 2033.

• U.S. Asset Management Market: The United States Assets Under Management market is valued at approximately USD 140 trillion. The U.S. asset management market generated a revenue of USD 115,630.9 million in 2023 and is expected to reach USD 849,248.5 million by 2030, with a CAGR of 34.6% from 2024 to 2030. Other estimates project the U.S. asset management market size at USD 52.08 trillion in 2024, expected to reach USD 134.67 trillion by 2030, with a CAGR of 17.22%. The United States asset management market size is also projected at USD 70.97 trillion in 2026 and forecast to reach USD 125.98 trillion by 2031.
• Global Mutual Funds Market: The global mutual fund assets market size was estimated at USD 670.64 billion in 2025 and is predicted to increase to approximately USD 1,290.57 billion by 2035, expanding at a CAGR of 6.77% from 2026 to 2035. Another report states the global mutual fund assets market size reached USD 84.0 billion in 2025 and is expected to reach USD 190.1 billion by 2034. One source indicates the global mutual fund assets market size was valued at USD 67481.52 billion in 2022 and is predicted to grow to around USD 145236.98 billion by 2030.
• U.S. Mutual Funds Market: The United States Mutual Funds Market was valued at USD 34.58 trillion in 2024 and is expected to reach USD 43.25 trillion by 2030, rising at a CAGR of 3.80%. The U.S. mutual fund market is expected to grow from USD 30.09 trillion in 2025 to USD 31.68 trillion in 2026 and is forecast to reach USD 40.98 trillion by 2031. As of year-end 2024, the USA mutual fund assets market held US$28.5 trillion in total net assets. It is also projected to reach $30 trillion by 2030.
• Global Alternative Investments Market: The global alternative investments AUM is projected to exceed $33 trillion in 2025, continuing robust expansion into 2026. The global alternatives market AUM is expected to reach $32 trillion by 2030. Global alternative assets are also projected to increase 9.7% annually from 2023 to 2029 to hit US$29.2 trillion, with the market expected to exceed $30 trillion by 2030.

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Here are 3-5 expected drivers of future revenue growth for Affiliated Managers Group (AMG) over the next 2-3 years:

1. Strategic Investments in Alternative Investment Strategies through New Affiliates: AMG's primary growth strategy involves making equity investments in leading boutique investment management firms, with a significant focus on alternative strategies. In 2025, AMG committed over $1 billion across five new investments, which added approximately $97 billion in alternative assets under management (AUM), representing a 35% increase in total alternative AUM. These new partnerships, including those with NorthBridge Partners, Verition Fund Management, Montefiore Investment, and Qualitas Energy, aim to expand AMG's exposure to private markets and liquid alternatives. Management anticipates these investments will be accretive to earnings in 2026. Alternatives currently account for roughly 60% of AMG's run-rate EBITDA, with a target to increase this to over 66% of earnings in the coming years.
2. Organic Growth in Alternative Assets Under Management (AUM) within Existing Affiliates: AMG is experiencing substantial organic growth driven by strong client demand for alternative investment strategies at its existing affiliates. In 2025, the company generated $29 billion in net client cash flows, reflecting a 4% organic growth rate. Notably, existing affiliates generated $74 billion of net inflows in alternative AUM during the same period. Liquid Alternatives saw net inflows of $51 billion in 2025, translating to a 36% annualized organic growth rate, while Private Markets fundraising reached $24 billion, an 18% annualized organic growth rate. This momentum in alternatives is a key driver for increased fee-related earnings.
3. Expansion of Distribution in the U.S. Wealth Channel: Affiliated Managers Group and its affiliates are actively expanding their product development and distribution capabilities, particularly targeting the U.S. wealth market with alternative products. Global wealth AUM managed by AMG and its Affiliates surpassed $100 billion in 2025, experiencing over 100% organic growth. A strategic partnership with Brown Brothers Harriman, announced in 2025, aims to extend the reach of structured and alternative credit strategies into the U.S. wealth marketplace. This initiative capitalizes on the growing demand for specialized investment products among high net worth individuals and institutional clients.
4. Growth in Performance Fees: Performance fees, generated from the strong investment performance of its affiliates, are a significant, albeit variable, component of AMG's revenue. For 2026, the company expects net performance fee earnings of approximately $170 million, consistent with its five-year average. For the full year 2025, net performance fee earnings were $161 million, demonstrating the ongoing contribution of this revenue stream.

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Share Repurchases

• In 2025, Affiliated Managers Group repurchased approximately $700 million in common stock, representing about 11% of its shares outstanding.
• In 2023, the company repurchased approximately $574 million in common stock, which included a $225 million accelerated share repurchase program.
• As of February 2026, the Board of Directors authorized a new share repurchase program for up to 4,200,000 shares, bringing the total shares available for repurchase under its programs to approximately 6 million as of January 26, 2026.

Share Issuance

• In 2025, the company issued $425 million of 2036 senior unsecured notes.
• These senior notes were issued to redeem and settle junior convertible trust preferred securities, which simplified the company's capital structure and removed associated share count dilution.

Outbound Investments

• In 2025, AMG committed more than $1 billion across five new growth investments to broaden its exposure to alternative strategies. These included minority investments in NorthBridge Partners, Verition Fund Management, Montefiore Investment, and Qualitas Energy.
• In October 2025, AMG announced a strategic partnership with Brown Brothers Harriman to acquire a minority equity interest in BBH Credit Partners, focusing on structured and alternative credit investment strategies.
• In July 2021, AMG acquired Parnassus Investments.