AFFILIATED MANAGERS GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
AMG$362.96+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001004434-25-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-050206
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 510 previous paragraphs and 520 current paragraphs.
281 unchanged; 145 reworded; 81 added; 67 removed; 17 previous and 13 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (81)
Current report
received total consideration of$253.2 million, net of transaction costs, which included$99.8 million in cash and 2.9 million
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TPG Class A common shares, all of which we have since sold. Our gain on the transaction was$127.6 million and our after-
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tax net proceeds were$218.1 million.
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In October 2025, we announced an agreement with Brown Brothers Harriman (“BBH”), a privately held global financial
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services firm, to acquire a minority equity interest in BBH Credit Partners, a newly formed subsidiary of BBH focused on
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structured and alternative credit investment strategies. Following the close of the transaction, BBH partners will continue to
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direct day-to-day operations and our ownership will be limited to a minority interest in the BBH Credit Partners subsidiary.
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to be included going forward.
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(2)Assets under management attributable to Peppertree as of the closing date.
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million or 16% increase from asset-based fees and a $3.3 million increase from performance-based fees, primarily in our liquid
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Aggregate fees were$3,789.8 million for thenine months ended September 30, 2025, anincrease of$63.0 million or 2% as
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increase from asset-based fees, offset by a $243.1 million or 6% decrease from performance-based fees, primarily in our liquid
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management, primarily in our liquid alternative and private markets strategies, and changes in the composition of our assets
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Net income (controlling interest)increased $88.8 million or 72% for thethree months ended September 30, 2025. This
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increase was primarily due to $127.6 million of Affiliate transaction gains and a $35.9 million increase in Equity method
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income (net). These increases were partially offset by a $39.1 million increase in Income tax expense attributable to the
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controlling interest, primarily due to Affiliate transaction gains, and a $36.7 million increase in Affiliate equity compensation
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Net income (controlling interest)increased $19.5 million or 6% for thenine months ended September 30, 2025. This
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increase was primarily due to $127.6 million of Affiliate transaction gains and a $41.2 million increase in Equity method
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income (net). These increases were partially offset by a $75.6 million increase in Affiliate equity compensation expense
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Our Adjusted EBITDA (controlling interest)increased $36.8 million or 17% for thethree months ended September 30, 2025,
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primarily due to a $188.9 million or 16% increase in aggregate fees.
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Adjusted EBITDA (controlling interest)increased $7.4 million or 1% for thenine months ended September 30, 2025,
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primarily due to a $63.0 million or 2% increase in aggregate fees.
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income (controlling interest)increased $26.5 million or 17%, primarily due to a $36.8 million or 17% increase in Adjusted
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EBITDA (controlling interest).
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Economic net income (controlling interest)increased $1.8 million for thenine months ended September 30, 2025,
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primarily due to a$7.4 million or 1% increase in Adjusted EBITDA (controlling interest).
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Our Consolidated revenue increased $11.6 million or 2% for thethree months ended September 30, 2025, due to a $16.7
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million or 3% increase from asset-based fees, partially offset by a $5.1 million or 1% decrease from performance-based fees,
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consolidated Affiliate average assets under management, primarily in our private markets strategies, partially offset by changes
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Our Consolidated revenue increased $1.2 million for thenine months ended September 30, 2025, due to a $3.3 million
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increase from performance-based fees, primarily in our private markets strategies, partially offset by a $2.1 million decrease
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private markets strategies.
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primarily due to a $31.6 million increase in Affiliate equity compensation expense.
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primarily due to a $67.8 million increase in Affiliate equity compensation expense partially attributable to a modification of the
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Intangible amortization and impairments increased $74.2 million for thenine months ended September 30, 2025, primarily
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Interest expense decreased $1.5 million or 4% for thethree months ended September 30, 2025, primarily due to a $2.7
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of 2024, and a $2.1 million decrease due to the maturity of our 3.50% senior notes in August 2025 (the “2025 senior notes”).
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(the “2034 senior notes”).
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Removed paragraphs (67)
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$254 million which included approximately$100 million in cash and 2.9 million TPG Class A common shares, all of which
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of approximately$285 million, subject to certain closing adjustments. Comvest will continue to be included in our results
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until closing of the transaction and the portion retained will continue to be included going forward. The transaction is
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under management.
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Aggregate fees were$2,443.9 million for thesix months ended June 30, 2025, adecrease of$125.8 million or 5% as
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decrease from performance-based fees, primarily in our liquid alternative strategies, partially offset by a $120.6 million or 5%
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Net income (controlling interest)increased $8.3 million or 11% for thethree months ended June 30, 2025. This increase
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was primarily due to a $47.5 million increase in Equity method income (net) and a $7.3 million decrease in Income tax expense
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Net income (controlling interest)decreased $69.2 million or 31% for thesix months ended June 30, 2025. This decrease
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and a $38.9 million increase in Affiliate equity compensation expense attributable to the controlling interest. These decreases
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to Net income (controlling interest) were partially offset by a $35.9 million decrease in Income tax expense attributable to the
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Our Adjusted EBITDA (controlling interest)increased $2.2 million or 1% in thethree months ended June 30, 2025, primarily
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due to a $75.4 million or 7% increase in aggregate fees. Adjusted EBITDA increased less than aggregate fees on a percentage
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Adjusted EBITDA (controlling interest)decreased $29.4 million or 6% for thesix months ended June 30, 2025, primarily
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due to a $125.8 million or 5% decrease in aggregate fees, resulting from a decline in performance-based fees.
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(controlling interest)increased $3.3 million or 2%, primarily due to a $2.2 million increase in Adjusted EBITDA (controlling
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Economic net income (controlling interest)decreased $24.7 million or 7% for thesix months ended June 30, 2025,
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primarily due to a$29.4 million or 6% decrease in Adjusted EBITDA (controlling interest).
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Our Consolidated revenue decreased $7.1 million or 1% for thethree months ended June 30, 2025, due to a $7.9 million or
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1% decrease from asset-based fees, partially offset by a $0.8 million increase from performance-based fees, primarily in our
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our private markets strategies.
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Our Consolidated revenue decreased $10.5 million or 1% for thesix months ended June 30, 2025, primarily due to an
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(1)Percentage change is not meaningful.
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due to a $41.0 million increase in Affiliate equity compensation expense primarily attributable to a modification of the terms of
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to a $36.2 million increase in Affiliate equity compensation expense primarily attributable to a modification of the terms of
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primarily due to a $0.9 million decrease in amortization expense related to certain definite-lived assets being fully amortized.
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Intangible amortization and impairments increased $75.1 million for thesix months ended June 30, 2025, primarily due to
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Interest expense increased $1.0 million or 3% for thethree months ended June 30, 2025, primarily due to a $5.6 million
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Interest expense increased $5.2 million or 8% for thesix months ended June 30, 2025, primarily due to an $11.3 million
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(1)Percentage change is not meaningful.
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million or 19% increase from asset-based fees, partially offset by a $33.8 million or 5% decrease from performance-based fees,
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revenue less agreed-upon expenses.
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Equity method intangible amortization increased $6.1 million or 29% for thethree months ended June 30, 2025, primarily
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relationships. These increases were partially offset by a $1.9 million decrease in amortization expense related to certain
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Ourequity method revenue, net decreased $115.3 million or 7% for thesix months ended June 30, 2025, due to a $254.8
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million or 16% decrease from performance-based fees, primarily in our liquid alternative strategies, partially offset by a $139.5
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million or 9% increase from asset-based fees. The increase in asset-based fees was principally due to an increase in our equity
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a$115.3 million or 7% decrease in equity method revenue, net. Pre-tax equity method earnings decreased more than equity
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revenue less agreed-upon expenses and hold a greater economic interest.
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relationships. These increases were partially offset by a $3.7 million decrease in amortization expense related to certain
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June 30, 2025, our aggregate assets under management were approximately $771 billion across a diverse range of private
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September 30, 2025, our aggregate assets under management were approximately $804 billion across a diverse range of
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markets, liquid alternative, and differentiated long-only investment strategies.
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private markets, liquid alternative, and differentiated long-only investment strategies.
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In the first quarter of 2025, we completed a minority investment in NorthBridge Partners, LLC (“NorthBridge”), a
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In the first quarter of 2025, we completed our minority investment in NorthBridge Partners, LLC (“NorthBridge”), a
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In July 2025, we completed the previously announced sale of our equity interest in Peppertree Capital Management, Inc.
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In July 2025, we completed the previously announced sale of our minority equity interest in Peppertree Capital
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(“Peppertree”), as part of the announced acquisition of Peppertree by TPG Inc. (“TPG”), a public company listed on the
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Management, Inc. (“Peppertree”), as part of the announced acquisition of Peppertree by TPG Inc. (“TPG”), a public company
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Nasdaq Global Select Market. Pursuant to the terms of the transaction agreement with TPG, under which we and each of the
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listed on the Nasdaq Global Select Market (the “Peppertree Transaction”). Pursuant to the terms of the transaction agreement
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other owners agreed to sell our respective equity interests in Peppertree, we received total consideration of approximately
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with TPG, under which we and each of the other owners agreed to sell our respective equity interests in Peppertree, we
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transaction is expected to close in the second half of 2025, subject to customary closing conditions.
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The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.
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In July 2025, we entered into an agreement to acquire a minority equity interest in Montefiore Investment
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In October 2025, we completed the previously announced agreement to acquire a minority equity interest in Montefiore
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(“Montefiore”), a European private equity firm focused on the services sector. Following the close of the transaction,
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Investment (“Montefiore”), a European private equity firm focused on the services sector. Following the close of the
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Montefiore partners will continue to hold a majority of the equity of the business and direct its day-to-day operations. The
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transaction, Montefiore partners continue to hold a majority of the equity of the business and direct its day-to-day operations.
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On August 6, 2025, we entered into an agreement to sell a portion of our interest in Comvest Partners (“Comvest”), our
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On November 3, 2025, we completed thepreviously announced agreement to sell a portion of our minority equity
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Affiliate accounted for under the equity method, as part of the announced acquisition of Comvest’s private credit business by
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interest in Comvest Partners (“Comvest”), as part of the announced acquisition of Comvest’s private credit business by
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Manulife Financial Corporation. Pursuant to the terms of the agreement, we are expected to receive total cash consideration
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Manulife Financial Corporation. Pursuant to the terms of the agreement, we received total cash consideration of
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we have since sold. We acquired our interest in Peppertree for$140.0 million in 2022. Our gain on the transaction was
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approximately$285 million. We acquired our interest in Comvest for $125.0 million in 2020. Our gain on the transaction
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taxable at closing. Peppertree will be included in our results through the closing date.
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was taxable at closing. Comvest will be included in our results through the closing date and the portion retained will continue
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The following tables present changes in our assets under management by strategy for thethree andsix months ended
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The following tables present changes in our assets under management by strategy for thethree andnine months ended
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(2)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
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(3)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
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(3)Other includes assets under management attributable to product transitions and reclassifications.
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(4)Other includes assets under management attributable to product transitions and reclassifications.
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(1)Past performance is not indicative of future results. Performance and AUM information is as of June 30, 2025 and is based
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(1)Past performance is not indicative of future results. Performance and AUM information is as of September 30, 2025 and is
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on data available at the time of calculation. Product returns are sourced from Affiliates while benchmark returns are
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based on data available at the time of calculation. Product returns are sourced from Affiliates while benchmark returns are
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period because they inherently depend on investment performance. As of June 30, 2025, approximately 28% of our total assets
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period because they inherently depend on investment performance. As of September 30, 2025, approximately 28% of our total
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under management could potentially earn performance-based fees. These percentages were approximately 12% and 48% of our
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assets under management could potentially earn performance-based fees. These percentages were approximately 12% and 47%
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assets under management for our consolidated Affiliates and Affiliates accounted for under the equity method, respectively.
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of our assets under management for our consolidated Affiliates and Affiliates accounted for under the equity method,
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We anticipate performance-based fees will be a recurring component of our aggregate fees; however we do not anticipate these
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respectively. We anticipate performance-based fees will be a recurring component of our aggregate fees; however we do not
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fees to be a significant component of our Consolidated revenue as these fees are predominately earned by our Affiliates
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anticipate these fees to be a significant component of our Consolidated revenue as these fees are predominately earned by our
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Aggregate fees were$1,173.5 million for thethree months ended June 30, 2025, anincrease of$75.4 million or 7% as
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Aggregate fees were$1,346.0 million for thethree months ended September 30, 2025, anincrease of$188.9 million or
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compared to thesix months ended June 30, 2024. The decrease in our aggregate fees was due to a $246.4 million or 10%
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16% as compared to thethree months ended September 30, 2024. The increase in our aggregate fees was due to a $185.6
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liquid alternative strategies. The increase in asset-based fees was principally due to an increase in our average assets under
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alternative strategies. The increase in asset-based fees was principally due to an increase in our average assets under
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management, primarily in our private markets strategies.
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management, primarily in our liquid alternative and private markets strategies, and changes in the composition of our assets
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compared to thethree months ended June 30, 2024. The increase in our aggregate fees was due to a $108.4 million or 10%
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compared to thenine months ended September 30, 2024. The increase in our aggregate fees was due to a $306.1 million or 8%
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increase from asset-based fees. The increase in asset-based fees was principally due to an increase in our average assets under
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alternative strategies. The increase in asset-based fees was principally due to an increase in our average assets under
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million increase in Affiliate equity compensation expense attributable to the controlling interest.
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expense attributable to the controlling interest.
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was primarily due to a $61.6 million increase in Intangible amortization and impairments attributable to the controlling interest
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attributable to the controlling interest and a $60.9 million increase in Intangible amortization and impairments attributable to the
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improves comparability of performance between periods. For thethree months ended June 30, 2025, our Economic net income
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improves comparability of performance between periods. For thethree months ended September 30, 2025, our Economic net
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management, primarily in our private markets and liquid alternative strategies, and changes in the composition of our assets
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in the composition of our assets under management.
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private markets strategies. The decrease in asset-based fees was principally due to changes in the composition of our assets
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from asset-based fees. The decrease in asset-based fees was principally due to changes in the composition of our assets under
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under management, partially offset by an increase in our consolidated Affiliate average assets under management, primarily in
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management, partially offset by an increase in our consolidated Affiliate average assets under management, primarily in our
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Compensation and related expenses increased $48.4 million or 22% for thethree months ended June 30, 2025, primarily
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Compensation and related expenses increased $32.7 million or 15% for thethree months ended September 30, 2025,
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Compensation and related expenses increased $38.4 million or 8% for thesix months ended June 30, 2025, primarily due
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Compensation and related expenses increased $71.1 million or 11% for thenine months ended September 30, 2025,
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Affiliates accounted for under the equity method.
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under management, including the impact of our investments in new Affiliates.
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under management, including the impact of our investments in new Affiliates.
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primarily in our private markets strategies. The increase in asset-based fees was principally due to an increase in our
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million increase in expenses related to changes in values of contingent payment obligations.
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primarily in our private markets and liquid alternative strategies. The increase in asset-based fees was principally due to an
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changes in the composition of our assets under management, including the impact of our investments in new Affiliates.
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equity method Affiliate average assets under management, primarily in our liquid alternative strategies, and changes in the
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interest) were partially offset by an increase in Income tax expense attributable to the controlling interest and an increase in
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Affiliate equity compensation expense attributable to the controlling interest.
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(controlling interest). See Note 14 of our Consolidated Financial Statements.
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As of September 30, 2025 , the weighted average maturity of our outstanding non-senior bank debt is 23 years, all of which
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occurred under the equity distribution program.
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expected to close in the fourth quarter of 2025, subject to customary closing conditions.
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accounted for under the equity method.
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management, primarily in our private markets and liquid alternative strategies.
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fees, primarily in our private markets strategies. The decrease in asset-based fees was principally due to changes in the
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composition of our assets under management, partially offset by an increase in our consolidated Affiliate average assets under
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certain equity awards at an Affiliate.
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fully repaid during the third quarter of 2024.
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There were no significant changes to Other expenses (net) for thethree months ended June 30, 2025.
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method Affiliate average assets under management, primarily in our liquid alternative strategies, and changes in the
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method Affiliate average assets under management, primarily in our liquid alternative strategies, and changes in the
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composition of our assets under management, including the impact of our investments in new Affiliates.
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method revenue, net on a percentage basis primarily due to a decrease in earnings at certain Affiliates in which we share in
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amortization expense due to an increase in actual and expected client attrition for certain definite-lived acquired client
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definite-lived assets being fully amortized.
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interest). See Note 14 of our Consolidated Financial Statements.
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flows were primarily attributable to the controlling interest.
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were primarily attributable to the controlling interest.