AFFILIATED MANAGERS GROUP, INC.
For the period ended Jun 30, 2026. Filed Aug 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.
Jun 30, 2026 · Filed Aug 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 2026-03-31; filed 2026-05-07.
0001628280-26-032153
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001628280-26-054930
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 431 previous paragraphs and 502 current paragraphs.
294 unchanged; 104 reworded; 87 added; 26 removed; 7 previous and 17 current paragraphs rearranged.
Tables are not compared: 18 previous and 20 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 (87)
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increased$60.4 billion or 7%, and for thesix months ended June 30, 2026, assets under management increased$129.1 billion
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or 16%. These increases were driven by net client cash flows and market appreciation, and for the six months ended June 30,
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2026, the increase was also due to the addition of assets associated with new Affiliate investments. We continue to see client
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growth trends.
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(1)Attributable to themyCIO Transaction as of the closing date.
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from asset-based fees and a $50.5 million or 5% increase from performance-based fees, primarily in private markets strategies.
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Aggregate fees were$3,571.4 million for thesix months ended June 30, 2026, anincrease of$1,127.5 million or 46% as
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compared to thesix months ended June 30, 2025. The increase in aggregate fees was due to an $838.0 million or 34% increase
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from asset-based fees and a $289.5 million or 12% increase from performance-based fees, primarily in liquid alternative
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investments in new Affiliates and market appreciation, and changes in the composition of our assets under management,
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Net income (controlling interest)increased $101.6 million for thethree months ended June 30, 2026. This increase was
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primarily due to the impact of a $147.5 million increase in Consolidated revenue, a $59.3 million increase in Equity method
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a $32.4 million increase in Income tax expense attributable to the controlling interest.
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Net income (controlling interest)increased $139.7 million or 89% for thesix months ended June 30, 2026. This increase
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was primarily due to the impact of a $195.8 million increase in Consolidated revenue and a $131.3 million increase in Equity
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method income (net), partially offset by a $53.3 million increase in Income tax expense attributable to the controlling interest.
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primarily due to a$488.0 million or 42% increase in aggregate fees.
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Adjusted EBITDA (controlling interest)increased $185.4 million or 41% for thesix months ended June 30, 2026,
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which we hold a lesser economic interest.
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Economic net income (controlling interest)increased $128.2 million or 40% for thesix months ended June 30, 2026,
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primarily due to a$185.4 million or 41% increase in Adjusted EBITDA (controlling interest).
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Consolidated revenue increased $147.5 million or 30% for thethree months ended June 30, 2026, due to an $86.3 million
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or 18% increase from asset-based fees, and a $61.2 million or 12% increase from performance-based fees, primarily in private
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market appreciation, and changes in the composition of our assets under management.
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Consolidated revenue increased $195.8 million or 20% for thesix months ended June 30, 2026, due to a $141.3 million or
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14% increase from asset-based fees and a $54.5 million or 6% increase from performance-based fees, primarily in private
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market appreciation, and changes in the composition of our assets under management.
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expense.
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Compensation and related expenses increased $109.1 million or 22% for thesix months ended June 30, 2026, primarily due
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Intangible amortization and impairments increased $0.9 million or 14% for thethree months ended June 30, 2026,
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primarily due to a $0.9 million increase in amortization expense due to an increase in actual and expected client attrition for
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certain definite-lived acquired client relationships.
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Intangible amortization and impairments decreased $33.1 million or 37% for thesix months ended June 30, 2026, primarily
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Interest expense increased $6.0 million or 17% for thethree months ended June 30, 2026, primarily due to a $7.7 million
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Interest expense increased $10.3 million or 15% for thesix months ended June 30, 2026, primarily due to a $13.7 million
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increase from borrowings under the revolver and an $11.9 million increase from the 2036 senior notes. These increases were
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Other expenses (net)increased $3.3 million or 33% for thethree months ended June 30, 2026, primarily due to a $1.1
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million increase in rent and related office costs and a $0.7 million increase in expenses related to changes in the values of
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contingent payment obligations.
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6), a $1.7 million increase in rent and related office costs, and a $0.8 million increase in expenses related to changes in the
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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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trends with an increasingly diversified business profile.
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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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equity expense attributable to the controlling interest and a $21.0 million increase in Income tax expense attributable to the
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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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EBITDA (controlling interest).
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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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Intangible amortization and impairments decreased $34.1 million or 41% for thethree months ended March 31, 2026,
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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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(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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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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attributable to the non-controlling interests.
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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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(1)Includes equity method income tax.
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holders, and repayment of debt.
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offset by$35.7 million of maturities and sales of investment securities. For thethree months ended March 31, 2026, investing
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our Consolidated Financial Statements.
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Financial Statements.
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As of March 31, 2026, we had a$1.25 billion revolver which matures on November 15, 2029. Subject to certain
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described below:
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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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June 30, 2026, our aggregate assets under management were approximately $942 billion across a diverse range of private
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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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demand for alternative strategies; broad-based demand for our Affiliates’ liquid alternative and private markets strategies
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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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generated strong net inflows in the quarter, while our Affiliates’ equity strategies experienced net outflows in line with trends
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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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across the industry. As we continue to execute our growth strategy by investing in new and existing Affiliates, as well as 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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AMG’s strategic capabilities, we expect our business mix to further evolve and diversify, expanding our exposure to in-demand
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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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strategies in both private markets and liquid alternatives, and better positioning AMG to continue to benefit from industry
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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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The following tables present changes in our assets under management by strategy for thethree andsix months ended
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(1)Attributable to BBH Credit Partners and HighBrook as of their respective closing dates.
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(4)Attributable to BBH Credit Partners and HighBrook as of their respective closing dates.
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(1)Past performance is not indicative of future results. Performance and AUM information is as of March 31, 2026 and is
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(1)Past performance is not indicative of future results. Performance and AUM information is as of June 30, 2026 and is based
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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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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 March 31, 2026, approximately 27% of our total
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period because they inherently depend on investment performance. As of June 30, 2026, approximately 27% of our total assets
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assets under management could potentially earn performance-based fees. These percentages were approximately 12% and 40%
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under management could potentially earn performance-based fees. These percentages were approximately 12% and 39% of our
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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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assets under management for our consolidated Affiliates and Affiliates accounted for under the equity method, respectively.
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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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We anticipate performance-based fees will be a recurring component of our aggregate fees; however we do not anticipate these
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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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fees to be a significant component of our Consolidated revenue as these fees are predominately earned by our Affiliates
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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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Aggregate fees were$1,661.5 million for thethree months ended June 30, 2026, anincrease of$488.0 million or 42% as
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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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compared to thethree months ended June 30, 2025. The increase in aggregate fees was due to a $437.5 million or 37% increase
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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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primarily in liquid alternative and multi-asset and fixed income strategies, including the impact of our investments in new
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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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Affiliates and market appreciation, and changes in the composition of our assets under management, including net client cash
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from our Affiliates managing alternative strategies, which typically have higher fee rates.
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flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
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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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strategies. The increase in asset-based fees was principally due to an increase in our Affiliates’ average assets under
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(1)Adjusted EBITDA (controlling interest) and Economic net income (controlling interest) are non-GAAP performance
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(2)Adjusted EBITDA (controlling interest) and Economic net income (controlling interest) are non-GAAP performance
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controlling interest, partially offset by increases in Affiliate equity expense attributable to the controlling interest and Income
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income (net), and a $38.3 million decrease in Affiliate equity expense attributable to the controlling interest, partially offset by
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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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Our Adjusted EBITDA (controlling interest)increased $96.3 million or 44% for thethree months ended June 30, 2026,
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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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primarily due to a$1,127.5 million or 46% increase in aggregate fees. Adjusted EBITDA (controlling interest) increased less
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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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than aggregate fees on a percentage basis primarily due to the recognition of performance-based fees earned by Affiliates in
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improves comparability of performance between periods. For thethree months ended March 31, 2026, our Economic net
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improves comparability of performance between periods. For thethree months ended June 30, 2026, our Economic net income
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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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(controlling interest)increased $62.2 million or 39%, primarily due to a$96.3 million or 44% increase in Adjusted EBITDA
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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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markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates’ average
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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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assets under management, primarily in private markets and multi-asset and fixed income strategies, including the impact of
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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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Compensation and related expenses increased $52.4 million or 20% for thethree months ended June 30, 2026, primarily
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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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due to a$90.7 million increase in compensation accruals, partially offset by a $37.6 million decrease in Affiliate equity
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offset by a $3.9 million decrease in share-based compensation.
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to a $117.6 million increase in compensation accruals, partially offset by a $4.6 million decrease in share-based compensation
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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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Selling, general and administrative expenses increased $11.7 million or 12% for thethree months ended June 30, 2026,
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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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primarily due to a $10.3 million increase in distribution and investment-related expenses, principally as a result of the increase
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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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in average assets under management on which these expenses are incurred, and a $6.2 million increase in professional fees.
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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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due to a $34.0 million decrease in expenses to reduce the carrying value of indefinite-lived acquired client relationships for
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relationships for certain mutual fund assets to fair value.
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certain mutual fund assets to fair value.
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from borrowings under our senior unsecured multicurrency revolving credit facility (the “revolver”). These increases were
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increase from borrowings under our senior unsecured multicurrency revolving credit facility (the “revolver”) and a $6.0 million
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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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increase from our 5.50% senior unsecured notes issued in December 2025 (the “2036 senior notes”). These increases were
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accounted for under the equity method.
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The increase in asset-based fees was principally due to an increase in our Affiliates’ average assets under management,
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including net client cash flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
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markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates’ average
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assets under management, primarily in private markets and multi-asset and fixed income strategies, including the impact of
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and a $3.9 million decrease in Affiliate equity expense.
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in average assets under management on which these expenses are incurred.
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Selling, general and administrative expenses increased $24.3 million or 13% for thesix months ended June 30, 2026,
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primarily due to a $17.4 million increase in distribution and investment-related expenses, principally as a result of the increase
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partially offset by an $8.9 million decrease due to the repayment of our junior convertible securities in January 2026 and a $6.4
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million decrease due to the maturity of the 2025 Senior Notes.
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primarily in liquid alternative strategies. The increase in asset-based fees was principally due to an increase in our equity
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method Affiliates’ average assets under management, primarily in liquid alternative and multi-asset and fixed income strategies,
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under management, including net client cash flows from our equity method Affiliates managing alternative strategies, which
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a$931.7 million or 64% increase in equity method revenue, net. Pre-tax equity method earnings increased more than equity
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method revenue, net on a percentage basis primarily due to margin expansion at certain Affiliates.
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by a $6.4 million decrease in amortization expense related to certain definite-lived assets being fully amortized and a $4.5
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Affiliates accounted for under the equity method.
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composition of our assets under management.
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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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compensation for the three months ended March 31, 2026.
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cash flows were primarily attributable to the controlling interest.
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occurred under the equity distribution program.
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See Note 2 of our Consolidated Financial Statements.