Affiliated Managers Group, Inc. specializes in providing investment management solutions. The firm offers a diverse array of strategies, spanning numerous asset classes ...
Affiliated Managers Group, Inc. (AMG) is a publicly traded global asset management firm that operates as a strategic partner to independent investment management firms. The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, with the goal of providing succession planning solutions to independent investment firms. ...Affiliated Managers Group, Inc. (AMG) is a publicly traded global asset management firm that operates as a strategic partner to independent investment management firms. The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, with the goal of providing succession planning solutions to independent investment firms. Today, AMG has evolved into a leading partner to entrepreneurial investment firms, offering them growth capital, distribution capabilities, and operational expertise. As of mid-2026, AMG oversees approximately $942 billion in assets under management (AUM) across about 40 affiliate firms, managing over 500 investment strategies. The company's business model is built on establishing long-term partnerships with high-quality independent investment managers, preserving their investment cultures while providing strategic and operational support. This model has enabled AMG to achieve significant scale and diversification across asset classes, including equities, fixed income, alternatives, and multi-asset strategies. Financially, AMG has demonstrated robust performance with a strong balance sheet. In the trailing twelve months, the company reported a net profit margin of approximately 34%, return on equity of 26.9%, and a low dividend payout ratio, which reflects its focus on capital appreciation and reinvestment. The company also maintains a moderate level of debt, with a debt-to-equity ratio of 0.99, and generates substantial free cash flow, allowing for shareholder returns through dividends and buybacks. Key leadership includes President and CEO Jay C. Horgen, who has been at the helm since his appointment, guiding the company through expansion and strategic initiatives. AMG's headquarters are located at 777 South Flagler Drive, West Palm Beach, Florida, and it is listed on the New York Stock Exchange. The company operates with a lean workforce of around 250 employees, relying on the talent of its affiliates to drive investment performance and growth. Overall, AMG's unique partnership model, strong financials, and experienced management team position it well for continued success in the asset management industry.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.4B
+19.8%
+20.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$716.6M
+40.1%
+68.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+86.0%
+56.0%
+19.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+31.8%
-8.3%
+124.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+29.3%
+16.9%
+40.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$1.0B
+8.2%
-15.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+41.1%
-9.7%
-30.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
83.1%
+6.1%
+4.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.34x
-39.5%
—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Greetings, and welcome to the AMG Second Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Patricia Figueroa, Head of Investor Relations. Please go ahead.
Patricia Figueroa : Good morning, and thank you for joining us today to discuss AMG's results for the second quarter of 2026, Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements, which could differ from our actual results materially due to a number of factors, including those described in today's earnings press release and our most recent Form 10-K and subsequent filings with the SEC. And AMG assumes no obligation to update these statements. Also, please note that nothing on this call constitutes an offer of any products, investment vehicles or services of any AMG affiliate. A replay of today's call will be available on the Investor Relations section of our website along with a copy of our earnings release and reconciliations of any non-GAAP financial measures, including any earnings guidance provided. In addition, we have posted an updated investor presentation to our website and encourage investors to consult our site regularly for updated information. With us today to discuss the company's results for the quarter are Jay Horgen, President and Chief Executive Officer; and Dava Ritchea, Chief Financial Officer. With that, I'll turn the call over to Jay.
Jay Horgen : Thanks, Patricia, and good morning, everyone. Today, AMG reported another quarter of record results. including the highest second quarter earnings in our company's history. Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting the strength of our diversified business and the ongoing execution of our strategy. Assets under management increased to a record $942 billion, driven by net inflows in markets and setting the stage for ongoing earnings growth momentum in the second half of 2026. We continue to generate strong organic growth with $13 billion in net inflows in the quarter and $56 billion in net inflows over the last 12 months. Importantly, these figures understate the exceptional momentum in higher fee, higher margin alternative strategies, which attracted $29 billion in net flows in the quarter and approximately $100 billion over the past 12 months. Given this significant growth and our increasingly attractive business profile, we continued to repurchase shares at an elevated pace, deploying approximately $189 million towards repurchases in the quarter and approximately $375 million in the first half of 2026. The momentum across our business highlights the successful execution of our strategy and is a result of the ongoing evolution of our earnings profile towards alternatives. Today, alternatives account …
