AMG beats its adjusted profit plan as $12 billion leaves stock strategies
Alternative funds and fewer shares help AMG grow earnings as stock strategies lose client money.
Ticker Byline
Affiliated Managers Group, Inc.
Affiliated Managers Group holds stakes in independent investment managers across alternative and traditional strategies.
- Ticker
- AMG
- Exchange
- XNYS
- SEC CIK
- 0001004434
How AMG makes money
Affiliated Managers Group invests in independent investment-management firms. Its partners manage private-market, liquid-alternative, equity, multi-asset and fixed-income strategies. AMG participates in the earnings of those firms while their investment teams retain operational independence.
Latest quarterly results
| Measure | 2026 | 2025 |
|---|---|---|
| Net income, controlling interest | 173.3 | 212.4 |
| Reported diluted EPS | $6.64 | $6.87 |
| Adjusted EBITDA, controlling interest | 353.7 | 250.9 |
| Economic EPS | $9.50 | $6.10 |
| Quarter-end assets under management, billions | 973.9 | 803.6 |
Economic EPS adjusts reported earnings for intangible amortization and selected affiliate-transaction and other items. Adjusted EBITDA removes interest, taxes, depreciation, amortization and selected other items. The year-earlier reported result included $101.1 million of after-tax affiliate-transaction gains that did not recur.
Client flows and forecast comparison
Third-quarter net client flows were $20.7 billion, including private-market commitments: private markets added $9.6 billion, liquid alternatives added $21.9 billion, equity strategies lost $11.9 billion and multi-asset and fixed-income strategies added $1.1 billion.
On July 30, management projected third-quarter adjusted EBITDA of $315 million to $325 million and Economic EPS of $8.43 to $8.71. The actual September-quarter results exceeded both ranges. The earlier forecast used July 29 market levels and an adjusted share count of 26.3 million.
Capital returns and financial position
AMG repurchased $400 million of stock in the third quarter and $775 million in the first nine months of 2026. July's approximate full-year expectation was $600 million, subject to market conditions and other capital-allocation decisions.
At September 30, cash and equivalents were $436.1 million and the balance-sheet carrying value of debt was $3.18 billion. At the end of 2025 those figures were $586 million and $2.69 billion.
Our analysis of AMG's profit beat and stock-fund withdrawals explains the contribution of alternative strategies and a smaller share count.
Latest reporting
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