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Affiliated Managers Group (AMG) investor relations material
Affiliated Managers Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Assets under management reached $804 billion as of September 30, 2025, up 10% year-over-year, driven by growth in private markets, liquid alternatives, and new affiliate investments.
Alternatives now contribute up to 55% of EBITDA, up from ~35% in 2020, with major contributions from affiliates such as Pantheon and AQR.
Strategic collaborations and investments, including with BBH Credit Partners, NorthBridge, Verition, Montefiore, and Qualitas Energy, expanded offerings and market reach.
Sale of minority stakes in Peppertree and Comvest generated significant capital, with Peppertree producing up to $260 million in pre-tax proceeds and Comvest $285 million.
Multi-faceted growth strategy leverages diversified affiliate partnerships, recurring cash flow, and disciplined capital allocation.
Financial highlights
Adjusted EBITDA for Q3 2025 was $250.9 million, up 17% year-over-year, with fee-related earnings up 15% and net performance fee earnings of $11 million.
Net income (controlling interest) for Q3 2025 was $212.4 million, up 72% year-over-year, aided by transaction gains.
Economic earnings per share for Q3 2025 was $6.10, up 27% year-over-year; diluted EPS reached $6.87.
Aggregate fees for Q3 2025 were $1,346.0 million, up 16% year-over-year.
Q3 net client cash inflows totaled $9 billion, with $17 billion year-to-date, reflecting strong demand for alternatives.
Outlook and guidance
Q4 adjusted EBITDA expected between $325 million and $370 million, with net performance fees of $75 million–$120 million.
Q4 economic EPS guidance is $8.10–$9.26, assuming 28.9 million shares.
Management targets mid-teens annualized long-term earnings growth, supported by organic growth, affiliate performance, and share repurchases.
Full-year share repurchases guidance increased to at least $500 million.
Sufficient liquidity and capital resources anticipated to support ongoing investments, share repurchases, and debt repayment.
Alternative strategy net flow breakdown Q3?
BBH collaboration: specific product focus?
How did Peppertree proceeds impact capital allocation?
AQR's tax-aware strategy: future growth drivers?
BBH collaboration: expected impact on wealth channel?
New investment pipeline: key focus areas for 2026?
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Next Affiliated Managers Group earnings date
Q4 20252 Feb, 2026
Next Affiliated Managers Group earnings date
Q4 20252 Feb, 2026
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Frequently asked questions
Affiliated Managers Group Inc is an asset management company that invests in boutique investment firms, offering a range of actively managed investment products across equities, alternatives, and fixed income strategies. The company serves institutional, retail, and high-net-worth clients globally. Affiliated Managers Group operates within the financial services sector, specializing in asset management. The company is headquartered in West Palm Beach, Florida, and its shares are listed on the NYSE.
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