Affiliated Managers Group (AMG) Goldman Sachs 2024 U.S. Financial Services Conference summary

Market environment and strategic positioning

• Current and forward market conditions support increased risk-taking and a constructive deal environment, enabling more capital allocation to growth investments and product development, especially in private markets.

• Institutional clients are shifting toward more equity-oriented investments, while wealth clients are increasing allocations to private markets and alternatives, driving significant growth in that channel.

• Asset levels in equities and long-only strategies remain high, providing a strong starting point for 2025.

Growth in alternatives and private markets

• Alternatives now represent about 50% of EBITDA, with private markets accounting for over 20% and showing accelerating growth, supported by new affiliates and secular trends like digital transformation and energy transition.

• Nine private market affiliates manage over $130 billion in assets, with consistent fundraising and 20% annualized growth rates.

• Liquid alternatives, including AQR and Systematica, are experiencing positive flows and performance, with AQR's tax-managed products highlighted as a key growth engine.

Long-only and differentiated strategies

• Long-only strategies have faced industry-wide challenges, but outflows have moderated and product innovation (e.g., active ETFs, SMAs) is underway to drive future growth.

• Affiliates remain diverse and well-positioned, despite some recent performance volatility.