Affiliated Managers Group, Inc.
- Open
- 365.58
- Day high
- 369.14
- Day low
- 357.86
- Prev close
- 366.41
- Volume
- 209K
- Mkt cap
- $9.5B
- P/E (TTM)
- 13.3
- EPS (TTM)
- $27.07
- P/B
- 3.1
- P/S
- 4.0
- Yield
- 0.01%
- Per share
- $0.04
- ▼Insiders net selling -$6.8M over the last 3 months (1 open-market buy, 3 sales)
- 🏛Institutions accumulating (13F)
Affiliated Managers Group, Inc. (AMG) is a Financial Services company listed on NYSE. The stock is up 79% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 3 sales (SEC Form 4).
Affiliated Managers Group, Inc. (AMG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $8.10 | $8.23 | +1.6% | $545M | +0.2% |
| Feb 12, 2026 | $8.75 | $9.48 | +8.3% | $800M | +44.2% |
| Jul 31, 2025 | $5.26 | $5.39 | +2.5% | $493M | -8.8% |
| May 8, 2025 | $5.10 | $5.20 | +2.0% | $497M | -3.1% |
| Feb 6, 2025 | $6.02 | $6.53 | +8.5% | $521M | -1.8% |
| Jul 26, 2023 | $4.23 | $4.45 | +5.2% | $513M | -4.4% |
| May 1, 2023 | $4.16 | $4.18 | +0.5% | $517M | -4.2% |
| Feb 6, 2023 | $7.03 | $7.28 | +3.6% | $583M | -3.7% |
| May 2, 2022 | $4.34 | $4.65 | +7.1% | $607M | -8.4% |
| Feb 7, 2022 | $5.81 | $6.10 | +5.0% | $692M | +10.5% |
| Jul 28, 2021 | $3.82 | $4.03 | +5.5% | $586M | -0.8% |
| May 3, 2021 | $4.24 | $4.28 | +0.9% | $559M | +0.6% |
AMG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Palandjian Tracy P.director | Tax | 685 | $354.62 |
| Jun 15, 2026 | Palandjian Tracy P.director | Option | 2,958 | $82.07 |
| Jun 8, 2026 | Horgen Jay C.director, officer: President and CEO | Sell | 17,500 | $338.27 |
| Jun 8, 2026 | Horgen Jay C.director, officer: President and CEO | Option | 75,000 | $74.49 |
| Jun 8, 2026 | Horgen Jay C.director, officer: President and CEO | Tax | 39,671 | $336.62 |
| May 8, 2026 | Matos Rodriguez Felix V.director | Sell | 1,000 | $300.18 |
| May 8, 2026 | Ryan David Christopherdirector | Sell | 3,402 | $305.06 |
| May 6, 2026 | Cates G. Staleydirector | Buy | 1,500 | $305.83 |
| May 5, 2026 | Cates G. Staleydirector | Grant | 172 | — |
| Mar 9, 2026 | Horgen Jay C.director, officer: Chief Executive Officer | Option | 17,563 | — |
| Mar 9, 2026 | STARR LOREN Mdirector | Grant | 503 | — |
| Mar 9, 2026 | STARR LOREN Mdirector | Option | 652 | — |
| Mar 9, 2026 | Padiyar Kavitaofficer: General Counsel & Corp. Sec. | Grant | 1,191 | — |
| Mar 9, 2026 | Palandjian Tracy P.director | Option | 867 | — |
| Mar 9, 2026 | Matos Rodriguez Felix V.director | Option | 867 | — |
Source: AMG SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full AMG insider & 13F page →Affiliated Managers Group, Inc. company profile
Overview
Affiliated Managers Group, Inc. (NYSE:AMG) is a publicly traded asset management company founded in 1993 and headquartered in West Palm Beach, Florida. The company operates through a unique partnership model, taking minority stakes in independent investment management firms rather than acquiring them outright. AMG went public in 1997 and has since evolved into a global asset management platform with over $730 billion in assets under management as of 2024. The company has strategically shifted its focus toward alternative investments, which now represent approximately half of its earnings, positioning itself to capitalize on secular growth trends in private markets and liquid alternatives.
Business
AMG operates in the asset management industry, which involves managing investment portfolios on behalf of institutional and individual clients. The company's core business revolves around its unique partnership model where it acquires minority or bare majority stakes in independent investment management firms, allowing these affiliates to maintain their entrepreneurial culture and investment autonomy while benefiting from AMG's capital, distribution capabilities, and operational support. The company's business is organized around several key investment strategies: 1. Alternative Strategies (approximately 50% of EBITDA): This segment includes both private markets and liquid alternatives. Private markets encompass private equity, private credit, infrastructure, and real estate investments that are typically illiquid and require longer investment horizons. Liquid alternatives include hedge funds and other strategies that can provide daily liquidity while employing non-traditional investment approaches. AMG manages approximately $265 billion in alternative strategies, split roughly equally between private and liquid alternatives. 2. Differentiated Long-Only Strategies (remaining ~50% of EBITDA): These are traditional investment strategies that focus on publicly traded securities across various asset classes including equities (small, mid, and large-cap value and growth), multi-asset solutions, and fixed income. These strategies serve both institutional clients like pension funds and endowments, as well as retail investors through mutual funds and other investment vehicles. AMG's affiliate network includes specialized investment managers focusing on areas such as biotechnology and life sciences (Forbion), industrial decarbonization (Ara Partners), communications infrastructure (Peppertree), and systematic trading strategies (Systematica). The company also operates a growing wealth management platform that democratizes access to alternative investments for high-net-worth individuals and registered investment advisors.
Revenue model
AMG generates revenue primarily through management fees and performance fees earned by its affiliate investment managers. As a minority stakeholder in these firms, AMG receives a proportional share of the fees generated by each affiliate based on its ownership percentage. The company's revenue streams include: 1. Management Fees: These are recurring fees typically calculated as a percentage of assets under management (AUM), usually ranging from 0.5% to 2% annually depending on the strategy and client type. This provides relatively stable, predictable income that scales with AUM growth. 2. Performance Fees: Also known as carried interest or incentive fees, these are earned when investment performance exceeds predetermined benchmarks or hurdle rates. Performance fees are more volatile but can be substantial, particularly in alternative strategies where they can reach 20% of profits above hurdle rates. 3. Distribution and Administrative Fees: Additional revenue from providing distribution, marketing, and operational support services to affiliates. AMG's paying customers include institutional investors such as pension funds, endowments, foundations, insurance companies, and sovereign wealth funds, as well as retail investors through mutual funds, ETFs, and wealth management platforms. The company has been expanding its reach into the wealth management channel, targeting registered investment advisors and high-net-worth individuals. Factors that positively impact margins include growing assets under management (particularly in higher-fee alternative strategies), strong investment performance leading to performance fees, successful fundraising in private markets, and the company's ability to leverage its distribution platform across multiple affiliates. Negative margin pressures can arise from market downturns reducing AUM, poor investment performance, increased competition leading to fee compression, and the need for ongoing investments in technology and talent acquisition. The shift toward passive investing and fee compression in traditional long-only strategies has been a headwind, which AMG has addressed by pivoting toward alternatives where fees remain more resilient.
Competitive moat
AMG's competitive moat is moderately strong and centers around its distinctive partnership model and network effects. Unlike traditional asset managers that acquire firms outright, AMG's approach of taking minority stakes while preserving affiliate independence creates several advantages. This model attracts high-quality investment managers who value maintaining their entrepreneurial culture and investment autonomy, which is often lost in full acquisitions. The partnership structure also aligns interests, as affiliate management teams retain significant ownership and upside participation. The company's distribution platform provides another layer of competitive advantage. AMG's scale and relationships enable smaller affiliate managers to access institutional clients and distribution channels that would be difficult or expensive to reach independently. This is particularly valuable in alternatives, where fundraising and client development are critical success factors. However, AMG's moat faces several challenges. The asset management industry is highly competitive with low barriers to entry for talented investment professionals who can start their own firms. Large institutional investors increasingly prefer to work directly with managers or internalize capabilities, potentially bypassing intermediaries like AMG. The company also faces key person risk at affiliate firms, where the departure of star portfolio managers could significantly impact performance and asset flows. The ongoing shift toward passive investing and fee compression in traditional strategies represents a structural headwind, though AMG has partially mitigated this through its pivot toward alternatives. Additionally, the company's minority stake model means it has limited control over affiliate operations and strategic decisions, creating potential agency conflicts. Competition for acquiring high-quality investment managers has intensified, with private equity firms and other buyers often willing to pay higher multiples than AMG's disciplined approach allows.
Risks & safety
AMG demonstrates a solid margin of safety with strong financial fundamentals and conservative capital management. • Cash Position: $950 million in cash and short-term investments as of Q4 2024, providing substantial liquidity • Debt Management: Debt-to-equity ratio of 0.78x, below the company's target leverage of 2x, indicating conservative financial structure • Cash Generation: Strong free cash flow of $929 million in 2024, demonstrating the business model's cash-generative nature • Valuation Metrics: Trading at reasonable multiples with P/E of 11.2x and EV/EBITDA of 6.9x based on 2024 results • Capital Returns: Aggressive share repurchase program with $700 million returned in 2024 (13% of shares outstanding), indicating management confidence • Asset Quality: Diversified portfolio of affiliate stakes valued at approximately $4.6 billion in strategic investments • Revenue Stability: Growing proportion of fee-related earnings from alternatives provides more predictable income stream compared to performance-dependent fees
Recent development
Over the past few years, AMG has executed a strategic transformation focused on alternatives-first growth. The company has systematically increased its exposure to alternative investment strategies, which now contribute over 50% of EBITDA compared to a much smaller percentage historically. This shift has been achieved through both new investments and organic growth at existing affiliates. Key strategic investments include partnerships with Forbion (life sciences private equity), Ara Partners (industrial decarbonization), Peppertree Capital (communications infrastructure), and most recently Northbridge Partners (industrial logistics real estate), Verition (multi-strategy hedge fund), and Qualitas Energy (global infrastructure and energy transition). These investments represent approximately $1.4 billion in capital deployed since 2019, targeting secular growth themes. The company has also built out its wealth management distribution platform, growing assets from $1 billion to over $5 billion in two to three years. This initiative focuses on democratizing access to alternative investments for registered investment advisors and high-net-worth individuals, launching six alternative products with more in development. AMG has pursued aggressive capital allocation, repurchasing approximately $1.9 billion in shares since 2019 while maintaining investment capacity. The company completed a significant transaction with the Baring Asia merger with EQT, generating approximately $1 billion in proceeds that were recycled into new investments and share repurchases. Recent developments include expanding the alternatives product suite, building dedicated distribution capabilities for the RIA channel, and exploring active ETF opportunities with affiliates. The company has also been selectively monetizing mature investments, such as the recent Peppertree stake sale, to redeploy capital into higher-growth opportunities.
AMG company profile · for informational purposes only — not investment advice.
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