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1. Company Snapshot

1.a. Company Description

Affiliated Managers Group, Inc., through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States.It provides advisory or subadvisory services to mutual funds.These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.


The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets.In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities.Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services.


Affiliated Managers Group, Inc.was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.

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1.b. Last Insights on AMG

Affiliated Managers Group's recent momentum is driven by its Q4 earnings beat, with a 45% surge in EPS and a 14.9% rise in assets under management (AUM). The company's strategic partnership with HighBrook Investors, a real estate investment manager, is expected to enhance its long-term success and expand its participation in global private markets. Additionally, AMG's pivot towards alternative strategies is driving record inflows and rising market share, with a goal of generating 66% of profits from these strategies. A new buyback plan has also been unveiled, which is likely to be viewed favorably by investors.

1.c. Company Highlights

2. Affiliated Managers Group Delivers Strong 2025 Results

Affiliated Managers Group, Inc. reported outstanding financial performance for 2025, with economic earnings per share reaching $26.50, representing a 22% year-over-year increase. The company's adjusted EBITDA for the fourth quarter was $378 million, a 34% year-over-year growth, with fee-related earnings growing 20% year-over-year for the quarter. For the full year, adjusted EBITDA was $1.1 billion, up 11% from 2024. The actual EPS for the fourth quarter came out at $9.48, beating estimates of $8.75.

Publication Date: Feb -17

📋 Highlights
  • Economic Earnings Growth:: Full-year economic earnings per share reached $26.50, a 22% YoY increase, driven by organic growth and capital allocation.
  • Share Repurchases:: Repurchased $700 million (11% of shares) in 2025, with $350 million in Q4 being the largest quarterly buyback in company history.
  • Alternative AUM Surge:: Added $97 billion in alternative AUM (35% growth), including $74 billion from existing affiliates and $23 billion from new partnerships.
  • Adjusted EBITDA Growth:: Full-year adjusted EBITDA of $1.1 billion, up 11% YoY, with $161 million in net performance fees.
  • Capital Allocation:: Committed $1 billion to new investments (e.g., Northbridge, Verition) and returned $1.1 billion to shareholders via buybacks and stake sales in 2025.

Strong Organic Growth and Capital Allocation

The company's strong organic growth was driven by its affiliates, which generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4%. The company's capital allocation strategy also contributed to its success, with the repurchase of approximately $700 million of its shares in 2025. As Dava Elaine Ritchea mentioned, the firm's strategy is focused on investing in areas of secular growth, benefiting from net organic flows into alternative strategies, and increasing AUM from strategies that earn higher management fees.

Alternatives Drive Growth

Affiliated Managers Group, Inc.'s growth in alternatives was substantial in 2025, with contributions from Pantheon and AQR, both of which were double-digit contributors to the company's earnings. The company added approximately $97 billion in alternative assets under management, representing a 35% increase in its total alternative AUM. AQR is expected to contribute more than 20% to the company's earnings in 2026, driven by its strong performance and ongoing innovation.

Valuation and Outlook

Using the provided valuation metrics, we can see that the company's P/E Ratio is 12.23, indicating a relatively reasonable valuation. The ROE is 22.79%, suggesting that the company is generating strong returns on its equity. With a strong balance sheet and a disciplined approach to deploying capital, Affiliated Managers Group, Inc. is well-positioned for continued growth. Analysts estimate next year's revenue growth at 7.2%, indicating a positive outlook for the company. The company's commitment to repurchasing at least $400 million in shares in 2026, subject to market conditions and capital allocation activity, further supports its growth prospects.

3. NewsRoom

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Dimensional Fund Advisors LP Purchases 7,891 Shares of Affiliated Managers Group, Inc. $AMG

Mar -10

Source: defenseworld.net

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Affiliated Managers Group (NYSE:AMG) COO Thomas Wojcik Sells 8,000 Shares

Mar -10

Source: defenseworld.net

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AMG Pivots Toward Alternatives Strategies: How is This Driving Growth?

Mar -05

Source: zacks.com

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Fisher Asset Management LLC Has $48.57 Million Position in Affiliated Managers Group, Inc. $AMG

Mar -04

Source: defenseworld.net

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This Advisor Dropped $25.58 Million on a Company That Collects Fees from Boutique Asset Managers

Feb -27

Source: fool.com

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AMG Appoints G. Staley Cates to its Board of Directors

Feb -26

Source: globenewswire.com

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Affiliated Managers Group, Inc. $AMG Stock Holdings Cut by Goodman Financial Corp

Feb -23

Source: defenseworld.net

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Affiliated Managers Group, Inc. $AMG is Bruni J V & Co. Co.’s 3rd Largest Position

Feb -22

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.33%)

6. Segments

Global Investment Management

Expected Growth: 9.33%

Strong investment performance, strategic acquisitions, and increasing demand for diversified investment solutions drive the 9.33% growth of Global Investment Management from Affiliated Managers Group, Inc. Additionally, the company's ability to attract and retain top investment talent, expand its distribution channels, and leverage its scale and resources also contribute to its growth momentum.

7. Detailed Products

Equity Strategies

Affiliated Managers Group, Inc. offers a range of equity strategies, including US, international, and global equities, as well as sector-specific and thematic strategies.

Fixed Income Strategies

The company provides a variety of fixed income strategies, including government, corporate, and high-yield bonds, as well as emerging market debt and municipal bonds.

Alternative Strategies

Affiliated Managers Group, Inc. offers alternative investment strategies, including hedge funds, private equity, and real assets.

Multi-Asset Solutions

The company provides multi-asset solutions, including balanced portfolios, asset allocation strategies, and target date funds.

Wealth Management

Affiliated Managers Group, Inc. offers wealth management services, including financial planning, investment management, and wealth advisory services.

Institutional Investment Management

The company provides institutional investment management services, including customized investment solutions for pension funds, endowments, and foundations.

8. Affiliated Managers Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Affiliated Managers Group, Inc. is medium due to the presence of alternative investment management companies and financial institutions that offer similar services.

Bargaining Power Of Customers

The bargaining power of customers for Affiliated Managers Group, Inc. is low due to the company's diversified client base and the lack of concentration of clients.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Affiliated Managers Group, Inc. is low due to the company's ability to negotiate with suppliers and the lack of dependence on a single supplier.

Threat Of New Entrants

The threat of new entrants for Affiliated Managers Group, Inc. is high due to the low barriers to entry in the investment management industry and the increasing trend of fintech companies entering the market.

Intensity Of Rivalry

The intensity of rivalry for Affiliated Managers Group, Inc. is high due to the competitive nature of the investment management industry and the presence of established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.80%
Debt Cost 5.88%
Equity Weight 58.20%
Equity Cost 10.54%
WACC 8.59%
Leverage 71.81%

11. Quality Control: Affiliated Managers Group, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Invesco

A-Score: 6.4/10

Value: 7.6

Growth: 2.9

Quality: 6.7

Yield: 7.0

Momentum: 8.5

Volatility: 6.0

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SEI Investments

A-Score: 6.0/10

Value: 3.9

Growth: 5.7

Quality: 9.2

Yield: 2.0

Momentum: 5.5

Volatility: 9.7

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Affiliated Managers Group

A-Score: 5.7/10

Value: 4.2

Growth: 5.4

Quality: 7.7

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

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Franklin Resources

A-Score: 5.6/10

Value: 5.0

Growth: 2.8

Quality: 4.3

Yield: 8.0

Momentum: 5.5

Volatility: 8.0

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Cohen & Steers

A-Score: 5.4/10

Value: 4.2

Growth: 3.3

Quality: 8.8

Yield: 7.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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TPG

A-Score: 4.1/10

Value: 1.1

Growth: 1.6

Quality: 6.0

Yield: 7.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

280.82$

Current Price

280.82$

Potential

-0.00%

Expected Cash-Flows