AFFILIATED MANAGERS GROUP, INC.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-032153
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 520 previous paragraphs and 431 current paragraphs.
216 unchanged; 124 reworded; 81 added; 171 removed; 9 previous and 10 current paragraphs rearranged.
Tables are not compared: 19 previous and 18 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
planning, and strategic advisory to expand their reach, diversify their business, and enhance their long-term success. As of
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equity interest in BBH Credit Partners, BBH’s taxable fixed income and credit franchise, our additional minority investment
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in Garda Capital Partners LP (“Garda”), a liquid alternatives manager specializing in fixed income relative value strategies
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and an Affiliate since 2019, and our minority investment in HighBrook Investors (“HighBrook”), a private markets manager
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continues to be accounted for under the equity method.
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markets products generally represents total commitments or invested assets under management.
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increased $68.7 billion or 8.4% driven by net client cash inflows and the addition of assets associated with new partnerships.
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private markets strategies generating strong net inflows in the quarter, while our equity strategies experienced net outflows in
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as well as in AMG’s strategic capabilities, we expect our business mix to further evolve, expanding our exposure to in-demand
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trends with an increasingly diversified business profile.
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(1)Attributable to BBH Credit Partners and HighBrook as of their respective closing dates.
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increase from asset-based fees and a $239.0 million or 19% increase from performance-based fees, primarily in liquid
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alternative strategies. The increase in asset-based fees was principally due to an increase in our Affiliates’ average assets under
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management, primarily in liquid alternative and multi-asset and fixed income strategies, including the impact of our
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from our Affiliates managing alternative strategies, which typically have higher fee rates.
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Net income (controlling interest)increased $38.0 million or 52% for thethree months ended March 31, 2026. This
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increase was primarily due to a $72.1 million increase in Equity method income (net) and a $32.7 million decrease in Intangible
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Our Adjusted EBITDA (controlling interest)increased $89.1 million or 39% for thethree months ended March 31, 2026,
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alternative strategies and are accounted for under the equity method, and therefore we own less of an economic interest.
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income (controlling interest)increased $65.9 million or 42%, primarily due to an$89.1 million or 39% increase in Adjusted
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average assets under management, primarily in private markets and multi-asset and fixed income strategies, and changes in the
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primarily due to a $7.1 million increase in distribution and investment-related expenses, principally as a result of the increase in
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Intangible amortization and impairments decreased $34.1 million or 41% for thethree months ended March 31, 2026,
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relationships for certain mutual fund assets to fair value.
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Interest expense increased $4.3 million or 13% for thethree months ended March 31, 2026, primarily due to a $6.0 million
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partially offset by a $4.4 million decrease due to the repayment of our junior convertible trust preferred securities in January
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million increase in expenses related to the settlement of conversions with respect to our former junior convertible securities.
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The following table presents our equity method Affiliates’ average assets under management and equity method Affiliate
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(1)Percent change is not meaningful.
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Equity method revenue, net increased $591.2 million or 76% for thethree months ended March 31, 2026, due to a $345.6
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million or 44% increase from asset-based fees and a $245.6 million or 32% increase from performance-based fees, primarily in
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average assets under management, primarily in liquid alternative and multi-asset and fixed income strategies, including the
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impact of our investments in new Affiliates, and changes in the composition of our assets under management, including net
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client cash flows from our equity method Affiliates managing alternative strategies, which typically have higher fee rates.
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Pre-tax equity method earnings increased $86.7 million or 87% for thethree months ended March 31, 2026, primarily due
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Equity method intangible amortization increased $8.0 million or 43% for thethree months ended March 31, 2026,
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our Consolidated Financial Statements.
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Investment and other income decreased $5.1 million or 44% for thethree months ended March 31, 2026, primarily due to a
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compensation for the three months ended March 31, 2026.
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Net income (controlling interest)increased $38.0 million or 52% for thethree months ended March 31, 2026, primarily due
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Removed paragraphs (171)
Previous report
In the first quarter of 2025, we completed our minority investment in NorthBridge Partners, LLC (“NorthBridge”), a
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private markets manager specializing in industrial logistics real estate assets, and in the second quarter of 2025, we completed
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our minority investment in Verition Fund Management LLC (“Verition”), a global multi-strategy investment firm. Following
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In the second quarter of 2025, we entered into an agreement to acquire a minority equity interest in Qualitas Energy, a
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renewables-focused global infrastructure manager specializing in energy transition. Following the close of the transaction,
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Qualitas Energy partners will continue to hold a majority of the equity of the business and direct its day-to-day operations.
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The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions. The financial
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results will be recognized in the Consolidated Financial Statements one quarter in arrears.
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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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Management, Inc. (“Peppertree”), as part of the announced acquisition of Peppertree by TPG Inc. (“TPG”), a public company
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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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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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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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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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The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.
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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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Investment (“Montefiore”), a European private equity firm focused on the services sector. Following the close of 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 November 3, 2025, we completed thepreviously announced agreement to sell a portion of our minority equity
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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 received total cash consideration of
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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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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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to be included going forward.
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private markets and liquid alternatives), as evidenced by our net inflows in this category, and our equity strategies experienced
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further evolve our business mix and better position AMG to benefit from industry growth trends.
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(1)Equities includes assets under management attributable to both global equities and U.S. equities.
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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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alternative strategies. The increase in asset-based fees was principally due to an increase in our average assets under
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under management, including the impact of our investments in new Affiliates.
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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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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 liquid alternative and private markets strategies, and changes in the composition of our assets
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under management, including the impact of our investments in new Affiliates.
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Annual Report on Form 10-K for the year ended December 31, 2024, and from time to time, as applicable, our Quarterly
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Annual Report on Form 10-K for the year ended December 31,2025, and from time to time, as applicable, our Quarterly
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and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including growth
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and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to
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capital, product strategy and development, capital formation, and incentive alignment and succession planning. As of
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growth capital, product strategy and development, capital formation capabilities, incentive alignment and succession
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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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March 31, 2026, our aggregate assets under management were approximately $882 billion across a diverse range of private
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private markets, liquid alternative, and differentiated long-only investment strategies.
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markets, liquid alternative, and differentiated long-only investment strategies.
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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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In the first quarter of 2026, we completed our agreement with Brown Brothers Harriman (“BBH”) to acquire a minority
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the close of these transactions, Affiliate management continues to hold a significant majority of the equity of the respective
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specializing in real estate assets. Following the close of the transactions, Affiliate management continues to hold a majority
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businesses and directs the day-to-day operations.
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of the equity of the respective businesses and directs the day-to-day operations, and, with respect to Garda, our investment
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operating performance measures and Consolidated Financial Statements. Average assets under management for mutual funds
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operating performance measures and Consolidated Financial Statements. Average assets under management for equities and
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and similar investment products generally represents an average of the daily net assets under management, while for
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similar investment products generally represents an average of the daily net assets under management, while for liquid
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institutional and high net worth clients, average assets under management generally represents an average of the assets at the
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alternatives and multi-asset and fixed income products, average assets under management generally represents an average of the
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beginning or end of each month during the applicable period.
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assets at the beginning or end of each month during the applicable period. Average assets under management for private
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performance generated by their investment products. We continue to see client demand for alternative strategies (both in
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performance generated by their investment products. For thethree months ended March 31, 2026, assets under management
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net outflows in line with trends across the industry. As we continue to invest in new and existing Affiliates, we expect to
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line with trends across the industry. As we continue to execute our growth strategy by investing in new and existing Affiliates,
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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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strategies in both private markets and liquid alternatives, better positioning AMG to continue to benefit from industry growth
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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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The following table presents changes in our assets under management by strategy for thethree months ended March 31,
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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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(2)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
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(4)Other includes assets under management attributable to product transitions and reclassifications.
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(3)Other includes product transitions and reclassifications.
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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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period because they inherently depend on investment performance. As of March 31, 2026, approximately 27% of our total
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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 could potentially earn performance-based fees. These percentages were approximately 12% and 40%
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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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Aggregate fees were$1,909.9 million for thethree months ended March 31, 2026, anincrease of$639.5 million or 50% as
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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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compared to thethree months ended March 31, 2025. The increase in aggregate fees was due to a $400.5 million or 31%
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in the composition of our assets under management.
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investments in new Affiliates, and changes in the composition of our assets under management, including net client cash flows
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an increase in Intangible amortization and impairments attributable to the controlling interest.
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amortization and impairments attributable to the controlling interest, partially offset by a $34.6 million increase in Affiliate
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expense attributable to the controlling interest.
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equity expense attributable to the controlling interest and a $21.0 million increase in Income tax expense attributable to the
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primarily due to a $188.9 million or 16% increase in aggregate fees.
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primarily due to a$639.5 million or 50% increase in aggregate fees. Adjusted EBITDA (controlling interest) increased less
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equity method revenue, net on a percentage basis primarily due to an increase in earnings at certain Affiliates in which we share
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than aggregate fees on a percentage basis primarily due to an increase in earnings at certain Affiliates, many of which manage
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equity method Affiliates. Our consolidated Affiliates’ financial results are included in our Consolidated revenue, Consolidated
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equity method Affiliates. Our consolidated Affiliates’ financial results are included in Consolidated revenue, Consolidated
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intangible amortization and impairments and tax, in Equity method income (net).
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intangible amortization and impairments and tax, in Equity method income (net) in our Consolidated Statements of Income.
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Other expenses (net)increased $3.2 million or 10% for thenine months ended September 30, 2025, primarily due to a $7.4
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Consolidated revenue increased $48.3 million or 10% for thethree months ended March 31, 2026, due to a $54.9 million or
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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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11% increase from asset-based fees, partially offset by a $6.6 million or 1% decrease from performance-based fees, primarily in
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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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private markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates’
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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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composition of our assets under management.
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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 $56.8 million or 25% for thethree months ended March 31, 2026, primarily
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terms of certain equity awards at an Affiliate and a$10.9 million increase in compensation accruals correlated to the increase in
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due to a$33.7 million increase in Affiliate equity expense and a $27.0 million increase in compensation accruals, partially
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Consolidated revenue. These increases were partially offset by a $7.8 million decrease in share-based compensation.
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offset by a $3.9 million decrease in share-based compensation.
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Selling, general and administrative expenses increased $3.5 million or 4% for thethree months ended September 30, 2025,
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Selling, general and administrative expenses increased $12.7 million or 13% for thethree months ended March 31, 2026,
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primarily due to a $3.5 million increase in professional fees.
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average assets under management on which these expenses are incurred, and a $5.6 million increase in professional fees.
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due to a $70.0 million expense to reduce the carrying value of indefinite-lived acquired client relationships for certain asset
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primarily due to a $34.0 million decrease inexpenses to reduce the carrying value of indefinite-lived acquired client
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million increase from our 2034 senior notes and a $6.7 million increase from our 6.75% junior subordinated notes issued in
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increase from our 5.50% senior unsecured notes issued in December 2025 (the “2036 senior notes”) and a $5.8 million increase
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We continue to see client demand for alternative strategies with broad-based demand for our Affiliates’ liquid alternative and
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from borrowings under our senior unsecured multicurrency revolving credit facility (the “revolver”). These increases were
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method revenue, net on a percentage basis primarily due tomargin expansion at certain Affiliates.
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million decrease in amortization expense related to certain definite-lived assets being fully amortized.
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There were no significant changes to equity method income tax for thethree months ended March 31, 2026.
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capital, general partner commitments, and other strategic investments. For thethree months ended March 31, 2026, the
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cash for the foreseeable future. In addition, we may draw funding from the debt and equity capital markets, and our credit
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cash flows were primarily attributable to the controlling interest.
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March 15, 2030, in the case of the 2030 senior notes, at any time prior to May 20, 2034, in the case of the 2034 senior notes,
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May 20, 2034, and November 15, 2035, respectively. We may also repurchase senior notes in the open market or in privately
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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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Selling, general and administrative expenses increased $12.7 million or 5% for thenine months ended September 30, 2025,
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primarily due to an $11.4 million increase in professional fees.
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These decreases were partially offset by a $3.1 million increase from our 5.50% senior unsecured notes issued in August 2024
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in revenue less agreed-upon expenses.
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ended September 30, 2024. The decrease in the effective tax rate (controlling interest) was primarily due to an expense to
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facility (the “revolver”) will be sufficient to support our uses of cash for the foreseeable future. In addition, we may draw
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case of the 2034 senior notes. In addition, the 2030 and 2034 senior notes may be redeemed at par (plus accrued and unpaid
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convertible securities in the open market or in privately negotiated transactions from time to time at management’s discretion.