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

Business evolution and strategic focus

• Alternatives now comprise 55% of EBITDA, with a unique balance between private markets and liquid alternatives, and a goal to reach two-thirds in the near term.

• Growth has been driven by both organic flows and over a dozen new affiliate investments, with recent acceleration in organic growth.

• Capital allocation is focused on secular growth areas, especially alternatives, with ongoing investments in independent firms.

• The roadmap to increase alternatives' share involves both new partnerships and the expansion of existing affiliates.

• The timeline to reach two-thirds alternatives could be as short as one to two years, depending on flow momentum.

Acquisition and partnership strategy

• M&A pipeline is robust, with most targets in alternatives, especially private markets, and typical deal sizes ranging from $250 million to $1 billion in enterprise value.

• Investments usually involve acquiring 20%-60% of a firm's economics, with cash equity checks of $100-$500 million.

• Strategic partnerships are prioritized with firms seeking both independence and strategic support, such as business development and product innovation.

• Larger deals are possible but require higher return potential and strategic fit.

• The pipeline remains strong into 2026, with expectations for continued capital allocation to alternatives.

Organic growth and product innovation

• Liquid alternatives have seen a turnaround, with strong flows driven by AQR's tax-aware strategies and broader affiliate contributions.

• AQR's tax-aware suite targets RIAs and high-net-worth clients, leveraging technology for tax efficiency and offering products across multiple platforms.

• Liquid alts flows are diversified, with positive trends in both wealth and institutional channels.

• Private markets growth is led by specialized affiliates like Pantheon, with a focus on secondaries and thematic investments such as biotech and energy.

• AMG's distribution enables affiliates to access major wealth platforms, supporting scale and product innovation, including new structured credit offerings.