AFFILIATED MANAGERS GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 17, 2026
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-K
Period ended 2024-12-31; filed 2025-02-14.
0001004434-25-000010
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-17.
0001628280-26-008665
Item 7. 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 506 previous paragraphs and 576 current paragraphs.
228 unchanged; 165 reworded; 169 added; 106 removed; 7 previous and 14 current paragraphs rearranged.
Tables are not compared: 18 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 (169)
Current report
planning, and strategic advisory to expand their reach, diversify their businesses, and enhance their long-term success. As of
Current report
In 2025, we advanced our strategy of allocating capital to areas of durable client demand by entering into four new
Current report
partnerships with independent firms collectively managing approximately$23 billion in alternative strategies, announcing a
Current report
strategic partnership with Brown Brothers Harriman (“BBH”), and further expanding our U.S. wealth platform.
Current report
our minority investment in Verition Fund Management LLC (“Verition”), a global multi-strategy investment firm.
Current report
In the fourth quarter of 2025, we completed our minority investments in Montefiore Investment (“Montefiore”), a
Current report
European private equity firm focused on the services sector, and Qualitas Energy, a renewables-focused global infrastructure
Current report
manager specializing in energy transition. We also announced a strategic partnership with BBH, a privately held global
Current report
financial services firm, to acquire a minority equity interest in BBH Credit Partners, a newly formed subsidiary of BBH
Current report
focused on structured and alternative credit investment strategies. The transaction was completed in January 2026.
Current report
respective businesses and directs the day-to-day operations.
Current report
(“Garda”), a liquid alternatives manager specializing in fixed income relative value strategies and an Affiliate since 2019, and
Current report
our minority investment in HighBrook Investors (“HighBrook”), a private markets manager specializing in real estate assets.
Current report
Following the close of the transactions, our investment in Garda continues to be accounted for under the equity method and
Current report
While Affiliates typically partner with AMG to preserve their independence and partnership culture, evolving conditions
Current report
may lead an Affiliate to consider strategic alternatives; consistent with our partnership approach, in such instances, we
Current report
collaborate with Affiliates to evaluate these options. When strategic transactions occur, they typically enhance our flexibility
Current report
to execute our growth strategy and return capital to shareholders, as we deploy the resulting proceeds in accordance with our
Current report
disciplined capital allocation framework.
Current report
In the third quarter of 2025, we completed the sale of our minority equity interest in Peppertree Capital Management,
Current report
Inc. (“Peppertree”), as part of the announced acquisition of Peppertree by TPG Inc. (“TPG”), a public company listed on the
Current report
Nasdaq Global Select Market (the “Peppertree Transaction”). Pursuant to the terms of the agreement with TPG, under which
Current report
we and each of the other owners agreed to sell our respective equity interests in Peppertree, we received total consideration of
Current report
$253.2 million, net of transaction costs, which included$99.8 million in cash and 2.9 million TPG Class A common shares,
Current report
all of which we have since sold. Ourgain from the transaction was$127.6 million.
Current report
In November 2025, Comvest Partners (“Comvest”) completed the previously announced agreement to sell its private
Current report
credit business to Manulife Financial Corporation (the “Comvest Transaction”). Pursuant to the terms of the agreement, we
Current report
received total cash consideration of$282.0 million for our portion of Comvest’s private credit business and our gain from the
Current report
transaction was$227.6 million.
Current report
In December 2025, we completed the sale of our minority equity interest in Montrusco Bolton Investments Inc.
Current report
(“Montrusco Bolton”)to Walter Global Asset Management Inc. (the “Montrusco Bolton Transaction”). Pursuant to the terms
Current report
of the agreement, we received total cash consideration of$22.0 million and our gain from the transaction was$16.2 million.
Current report
markets products generally represents total commitments or invested assets under management.
Current report
Affiliates. In the case of our equity method Affiliates, asset- and performance-based fees are presented net of certain expense
Current report
reimbursements paid by the underlying products. For certain of our Affiliates accounted for under the equity method, we report
Current report
increased$105.4 billion or 15% driven by a combination of investment performance generated across our Affiliates, net client
Current report
cash inflows, and the addition of assets associated with new partnerships with Affiliates operating in growing areas within
Current report
alternative strategies. Client demand for alternative strategies continued in 2025, with strong net inflows into liquid alternative
Current report
strategies and momentum in private markets fundraising, which more than offset net outflows in equity strategies—an area
Current report
that continues to face headwinds in line with industry trends — and the removal of assets under management associated with
Showing the first 40 of 169 passages. Open the source sections for the rest.
Removed paragraphs (106)
Previous report
performance measures.
Previous report
2024, primarily drivenby investment performance generated across our Affiliates, partially offsetby net outflows. We
Previous report
continue to see client demand for alternative strategies (both in private markets and liquid alternatives), as evidenced by our net
Previous report
inflows in this category, but our equity strategies experienced net outflows in line with trends across the industry. As we
Previous report
continue to invest in new and existing Affiliates, we expect to further evolve our business mix and better position AMG to
Previous report
benefit from industry growth trends.
Previous report
(1)Equities includes assets under management attributable to both global equities and U.S. equities.
Previous report
assets under management.
Previous report
changes in the composition of our assets under management primarily driven by investments in new Affiliates.
Previous report
recognition of a $133.1 million pre-tax gain associated with the sale of our equity interest in Veritable, LP, one of our
Previous report
consolidated Affiliates, in the third quarter of 2023 (the “Veritable Transaction”) and a $38.3 million decrease in Investment
Previous report
and other income attributable to the controlling interest.
Previous report
interest)increased $37.4 million or 4% in 2024, primarily from investments in new Affiliates and the recognition of
Previous report
performance-based fees earned by Affiliates in which we hold a greater economic interest.
Previous report
or 2% in 2024, primarily due to a $32.8 million increase in current and other deferred taxes attributable to the controlling
Previous report
interest and a $9.5 million increase in Interest expense attributable to the controlling interest. These decreases were partially
Previous report
offset by a$37.4 million or 4% increase in Adjusted EBITDA (controlling interest).
Previous report
intangible amortization and impairments, in Equity method income (net).
Previous report
Our Consolidated revenue decreased $16.9 million or 1% in 2024, primarily due to a $20.3 million or 1% decrease from
Previous report
asset-based fees. The decrease in asset-based fees was principally due to changes in the composition of our assets under
Previous report
management, including the impact of the Veritable Transaction, partially offset by an increase in our consolidated Affiliate
Previous report
average assets under management, primarily in ourprivate markets strategies.
Previous report
compensation accrualsand a $6.9 million increase in Affiliate equity compensation expense. These increases were partially
Previous report
offset by a $16.0 million decrease in compensation and related expensesdue to the Veritable Transaction.
Previous report
increase in distribution and investment-related expenses, principally as a result of the increase in average assets under
Previous report
fees and a $1.6 million decrease in non-income based taxes.
Previous report
Intangible amortization and impairments decreased $19.3 million or 40% in 2024, primarily due to a $14.1 million
Previous report
the Veritable Transaction.
Previous report
senior unsecured notes issued in August 2024 (the “2034 senior notes”). These increases were partially offset by a $15.5
Previous report
Statements one quarter in arrears.
Previous report
services earned by our equity method Affiliates. Equity method revenue incorporates the total asset- and performance-based
Previous report
(1)Percent change is not meaningful.
Previous report
based fees, offset by a $157.1 million or 5% decrease from performance-based fees, primarily in our liquid alternative
Previous report
assets under management primarily driven by investments in new Affiliates.
Previous report
Equity method earnings increased $67.1 million or 18% in 2024, primarily due to a$186.3 million or 6% increase in equity
Previous report
method revenue. Equity method earnings increased more than equity method revenue on a percentage basis primarily due to an
Previous report
increase in earnings at certain Affiliates in which we share in revenue less agreed-upon expenses and the recognition of
Previous report
performance-based fees earned by Affiliates in which we hold a greater economic interest.
Previous report
Equity method intangible impairments increased $30.3 million in 2024. See Note 8 of our Consolidated Financial
Previous report
"BPEA Transaction"), in connection with the strategic combination of BPEA and EQT, which was completed in the fourth
Showing the first 40 of 106 passages. Open the source sections for the rest.
Reworded paragraphs (165)
Previous wording
in our Annual Report on Form 10-K for the fiscal year ended December 31,2023, which was filed with the SEC on
Current wording
in our Annual Report on Form 10-K for the fiscal year ended December 31,2024, which was filed with the SEC on
Previous wording
and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including growth
Current wording
and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to
Previous wording
capital, product strategy and development, capital formation, and incentive alignment and succession planning. As of
Current wording
growth capital, product strategy and development, capital formation capabilities, incentive alignment and succession
Previous wording
December 31, 2024, our aggregate assets under management were approximately$708 billion across a diverse range of
Current wording
December 31, 2025, our aggregate assets under management were approximately$813 billion across a diverse range of
Previous wording
private markets, liquid alternatives, and differentiated long-only investment strategies.
Current wording
private markets, liquid alternative, and differentiated long-only investment strategies.
Previous wording
(“NorthBridge”), aprivate markets manager specializing in industrial logistics real estate assets. Following the close of the
Current wording
private markets manager specializing in industrial logistics real estate assets, and in the second quarter of 2025, we completed
Previous wording
On February 6, 2025, we announced the completion of our minority investment in NorthBridge Partners, LLC
Current wording
On February 12, 2026, we announced the completion of our additional minority investment in Garda Capital Partners LP
Previous wording
transaction, NorthBridge partners continue to hold a significant majority of the equity of the firm and direct its day-to-day
Current wording
Affiliate management continues to hold a majority of the equity of the respective businesses and directs the day-to-day
Previous wording
operating performance measures and Consolidated Financial Statements. Average assets under management for mutual funds
Current wording
operating performance measures and Consolidated Financial Statements. Average assets under management for equities and
Previous wording
and similar investment products generally represents an average of the daily net assets under management, while for
Current wording
similar investment products generally represents an average of the daily net assets under management, while for liquid
Previous wording
institutional and high net worth clients, average assets under management generally represents an average of the assets at the
Current wording
alternatives and multi-asset and fixed income products, average assets under management generally represents an average of the
Previous wording
beginning or end of each month during the applicable period.
Current wording
assets at the beginning or end of each month during the applicable period. Average assets under management for private
Previous wording
quarter in arrears. Aggregate fees are provided in addition to, but not as a substitute for, Consolidated revenue or other GAAP
Current wording
the Affiliate’s aggregate fees one quarter in arrears. Aggregate fees are provided in addition to, but not as a substitute for,
Previous wording
performance generated by their investment products. Assets under management increased duringthe year ended December 31,
Current wording
performance generated by their investment products. For the year ended December 31, 2025, assets under management
Previous wording
(2)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
Current wording
(3)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
Previous wording
(3)Other includes assets under management attributable to product transitions and reclassifications.
Current wording
(4)Other includes product transitions and reclassifications.
Previous wording
Aggregate fees consist of asset- and performance-based fees of our consolidated and equity method Affiliates. Asset-based
Current wording
Aggregate fees consist of asset- and performance-based fees of our consolidated and equity method Affiliates. In the case
Previous wording
fees include advisory and other fees earned by our Affiliates for services provided to their clients and are typically determined
Current wording
the underlying products. Asset-based fees include advisory and other fees earned by our Affiliates for services provided to their
Previous wording
as a percentage of the value of a client’s assets under management, generally inclusive of uncalled commitments. Asset-based
Current wording
clients and are typically determined as a percentage of the value of a client’s assets under management, generally inclusive of
Previous wording
fees are generally impacted by the level of average assets under management and the composition of these assets across our
Current wording
uncalled commitments. Asset-based fees are generally impacted by the level of average assets under management and the
Previous wording
strategies with different asset-based fee ratios. Our asset-based fee ratio is calculated as asset-based fees divided by average
Current wording
composition of these assets across our strategies with different asset-based fee ratios. Our asset-based fee ratio is calculated as
Previous wording
period because they inherently depend on investment performance. As of December 31, 2024, approximately 27% of our total
Current wording
period because they inherently depend on investment performance. As of December 31, 2025, approximately 28% of our total
Previous wording
assets under management could potentially earn performance-based fees. These percentages were approximately 12% and 47%
Current wording
assets under management could potentially earn performance-based fees. These percentages were approximately 10% and 47%
Previous wording
respectively. We anticipate performance-based fees will be a recurring component of our aggregate fees; however we do not
Current wording
respectively. We anticipate performance-based fees will be a recurring component ofaggregate fees; however we do not
Previous wording
anticipate these fees to be a significant component of our Consolidated revenue as these fees are predominately earned by our
Current wording
anticipate these fees to be a significant component of Consolidated revenue as these fees are predominately earned by our
Previous wording
Aggregate fees were$5,236.0 million in 2024, anincrease of$169.4 million or 3% as compared to 2023. The increase in
Current wording
Aggregate fees were$6,167.5 million in 2025, anincrease of$931.5 million or 18% as compared to 2024. Theincrease in
Previous wording
our aggregate fees was due to a $323.1 million or 6% increase from asset-based fees, offset by a $153.7 million or 3% decrease
Current wording
aggregate fees was due to a $660.2 million or 13% increase from asset-based fees and a $271.3 million or 5% increase from
Previous wording
from performance-based fees, primarily in our liquid alternative strategies. The increase in asset-based fees was principally due
Current wording
performance-based fees, primarily in liquid alternative strategies. The increase in asset-based fees was principally due to an
Previous wording
to an increase in our average assets under management, primarily in our liquid alternative and private markets strategies, and
Current wording
increase in our Affiliates’ average assets under management, primarily in liquid alternative and private markets strategies, and
Previous wording
Net income (controlling interest)decreased $161.3 million or 24% in 2024. This decrease was primarily due to the
Current wording
Net income (controlling interest)increased $205.0 million or 40% in 2025. This increase was primarily due to $371.3
Previous wording
improves comparability of performance between periods. Economic net income (controlling interest)decreased $16.2 million
Current wording
improves comparability of performance between periods. Economic net income (controlling interest)increased $67.7 million
Previous wording
equity method Affiliates. Our consolidated Affiliates’ financial results are included in our Consolidated revenue, Consolidated
Current wording
equity method Affiliates. Our consolidated Affiliates’ financial results are included in Consolidated revenue, Consolidated
Previous wording
Our Consolidated revenue is derived from our consolidated Affiliates, primarily from asset-based fees from investment
Current wording
Consolidated revenue is derived primarily from asset-based fees from investment management services earned by our
Previous wording
management services. For these Affiliates, we typically use operating structures where we contractually share in the Affiliate’s
Current wording
consolidated Affiliates. For these Affiliates, we typically use operating structures where we contractually share in the
Previous wording
revenue without regard to expenses. Consolidated revenue is generally determined by the level of our consolidated Affiliates’
Current wording
Affiliate’s revenue without regard to expenses. Consolidated revenue is generally determined by the level of our consolidated
Previous wording
average assets under management and the composition of these assets across our consolidated Affiliates’ investment strategies
Current wording
Affiliates’ average assets under management and the composition of these assets across our consolidated Affiliates’ investment
Previous wording
with different asset-based fee ratios and performance-based fees.
Current wording
strategies with different asset-based fee ratios and performance-based fees.
Previous wording
Compensation and related expenses increased $7.8 million or 1% in 2024, primarily due to a $16.3 million increase in
Current wording
Compensation and related expenses increased $104.5 million or 11% in 2025, primarily due to an $83.9 million increase in
Previous wording
Selling, general and administrative expenses increased $18.3 million or 5% in 2024, primarily due to a $22.4 million
Current wording
Selling, general and administrative expenses increased $32.1 million or 9% in 2025, primarily due to a $23.8 million
Previous wording
management on which these expenses are incurred. This increase was partially offset by a $2.4 million decrease in professional
Current wording
under management on which these expenses are incurred.
Showing the first 40 of 165 pairs. Open the source sections for the rest.
Rearranged current paragraphs (14)
Current report — wording carried from elsewhere
In the first quarter of 2025, we completed our minority investment in NorthBridge Partners, LLC (“NorthBridge”), a
Current report — wording carried from elsewhere
Following the close of these transactions, Affiliate management continues to hold a significant majority of the equity of the
Current report — wording carried from elsewhere
Consolidated revenue or other GAAP performance measures.
Current report — wording carried from elsewhere
asset-based fees divided by average assets under management.
Current report — wording carried from elsewhere
based fees was principally due to an increase in our consolidated Affiliates’ average assets under management, primarily in
Current report — wording carried from elsewhere
intangible-related deferred taxes have been adjusted to eliminatenet expenses of $4.4 million related to the Peppertree and
Current report — wording carried from elsewhere
capital, general partner commitments, and other strategic investments. For the year ended December 31, 2025, the increase
Current report — wording carried from elsewhere
As of December 31, 2025, the weighted average maturity of our outstanding senior and junior subordinated notes is 22
Current report — wording carried from elsewhere
2036(the “2036 senior notes”). Interest is payable beginning August 15, 2026.
Current report — wording carried from elsewhere
negotiated transactions from time to time at management’s discretion.
Current report — wording carried from elsewhere
features similar to the applicable notes.
Current report — wording carried from elsewhere
(21)% to 0%, long-term revenue growth rates of 0%, and discount rates of 11.0%.
Current report — wording carried from elsewhere
assets. The most relevant assumptions used in these analyses were revenue growth rates over the next five years ranging from
Current report — wording carried from elsewhere
(34)% to 0%, long-term revenue growth rates of 0%, and discount rates of 10.5%.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Affiliates accounted for under the equity method, we report the Affiliate’s financial results in our Consolidated Financial
Previous report — wording carried elsewhere
method Affiliate average assets under management and the composition of these assets across our strategies with different
Previous report — wording carried elsewhere
general partner commitments, and other strategic investments.
Previous report — wording carried elsewhere
primarily attributable to the controlling interest.
Previous report — wording carried elsewhere
In the first quarter of 2024, we issued$450.0 million of 2064 junior subordinated notes with a maturity date of March 30,
Previous report — wording carried elsewhere
interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain
Previous report — wording carried elsewhere
junior convertible securities in the open market or in privately negotiated transactions from time to time at management’s