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Affiliated Managers Group (AMG) investor relations material
Affiliated Managers Group Goldman Sachs U.S. Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs U.S. Financial Services Conference summary9 Dec, 2025
Business evolution and strategic focus
Alternatives now comprise 55% of EBITDA, with a goal to reach two-thirds within one to two years, driven by both organic growth and acquisitions.
Capital and resources have been allocated to areas of secular growth, especially alternatives, over the past six to seven years.
The affiliate model emphasizes independence and strategic partnership, targeting firms that benefit from business development and product innovation support.
Recent years saw four new investments and one strategic partnership, all in alternatives, with a strong pipeline into 2026.
Typical deal size ranges from $250 million to $1 billion in enterprise value, with investments of 20%-60% in affiliate economics.
Organic growth and product innovation
Liquid alternatives have seen a turnaround, with strong flows from AQR’s tax-aware strategies and other affiliates.
AQR’s tax-aware suite targets RIAs and wealth advisors, offering products with strong performance and sticky assets.
AQR is present on about half of top RIA platforms and is expanding into wirehouses, with significant growth runway.
Private markets, led by Pantheon, benefit from AMG’s ability to distribute and seed new products, capitalizing on LP consolidation trends.
New product initiatives include structured credit with BBH and plans for evergreen, drawdown, and multi-asset products.
Financial strategy and capital allocation
Annual capital available for deployment is about $1 billion, sourced from affiliate distributions and moderate leverage.
Share repurchases have reduced share count by about 40% over five years, with continued buybacks expected due to attractive valuation.
Capital allocation prioritizes new and existing affiliate investments, product seeding, and share repurchases.
Performance fees have averaged $150 million annually, with upside potential as alternatives grow and more carry is realized.
Recent refinancing simplified the balance sheet and supported further share repurchases.
M&A pipeline: specific strategies and size?
How durable are AQR's tax-aware strategy flows?
What drives performance fees above $150M average?
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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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