AFFILIATED MANAGERS GROUP, INC.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 9, 2026
AMG$383.15+5.6%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001628280-26-072209
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 502 previous paragraphs and 515 current paragraphs.
291 unchanged; 138 reworded; 73 added; 64 removed; 9 previous and 13 current paragraphs rearranged.
Tables are not compared: 20 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 (73)
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(1)Attributable to the divestment of our equity interest in Vesterra Capital Partners, LP, formerly Comvest Private Equity, in
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the third quarter of 2026 (the “Vesterra Transaction”).
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(5)Attributable to the myCIO and Vesterra Transactions.
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31% increase from asset-based fees, partially offset by a $9.4 million decrease from performance-based fees, primarily in liquid
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or 33% increase from asset-based fees and a $280.1 million or 8% increase from performance-based fees, primarily in liquid
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management, primarily in liquid alternative and private markets strategies, the impact of our investments in new Affiliates and
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Net income (controlling interest)decreased $39.1 million or 18% for thethree months ended September 30, 2026. This
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decrease was primarily due to $127.6 million of Affiliate transaction gains in the third quarter of 2025, which did not recur,
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partially offset by a $70.7 million increase in Equity method income (net).
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Net income (controlling interest)increased $100.6 million or 27% for thenine months ended September 30, 2026. This
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increase was primarily due to a $202.0 million increase in Equity method income (net), partially offset by a $113.0 million
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decrease in Affiliate transaction gains.
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Our Adjusted EBITDA (controlling interest)increased $102.8 million or 41% for thethree months ended September 30, 2026,
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primarily due to a$411.6 million or 31% increase in aggregate fees.
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Adjusted EBITDA (controlling interest)increased $288.2 million or 41% for thenine months ended September 30, 2026,
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primarily due to a$1,539.2 million or 41% increase in aggregate fees.
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income (controlling interest)increased $68.2 million or 38%, primarily due to a$102.8 million or 41% increase in Adjusted
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EBITDA (controlling interest).
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Economic net income (controlling interest)increased $196.4 million or 39% for thenine months ended September 30,
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2026, primarily due to a$288.2 million or 41% increase in Adjusted EBITDA (controlling interest).
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Consolidated revenue increased $67.2 million or 13% for thethree months ended September 30, 2026, due to a $55.6
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million or 11% increase from asset-based fees, and an $11.6 million or 2% increase from performance-based fees, primarily in
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impact of market appreciation, and changes in the composition of our assets under management.
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Consolidated revenue increased $263.0 million or 17% for thenine months ended September 30, 2026, due to a $196.9
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million or 13% increase from asset-based fees and a $66.1 million or 4% increase from performance-based fees, primarily in
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impact of market appreciation, and changes in the composition of our assets under management.
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decrease in Affiliate equity expense and a $1.6 million decrease in share-based compensation.
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decrease in Affiliate equity expense and a $6.3 million decrease in share-based compensation.
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fees.
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fees.
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Intangible amortization and impairments increased $1.2 million or 19% for thethree months ended September 30, 2026,
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Intangible amortization and impairments decreased $32.1 million or 33% for thenine months ended September 30, 2026,
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relationships.
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Interest expense increased $7.5 million or 23% for thethree months ended September 30, 2026, primarily due to a $7.3
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Interest expense increased $17.8 million or 17% for thenine months ended September 30, 2026, primarily due to a $20.7
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There were no significant changes to Other expenses (net) for thethree months ended September 30, 2026.
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Other expenses (net)increased $11.9 million or 34% for thenine months ended September 30, 2026, primarily due to a
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(1)Percent change is not meaningful.
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Equity method revenue, net increased $344.4 million or 42% for thethree months ended September 30, 2026, due to a
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Equity method intangible amortization increased $3.3 million or 13% for thethree months ended September 30, 2026,
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Removed paragraphs (64)
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growth trends.
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(1)Attributable to themyCIO Transaction as of the closing date.
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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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from asset-based fees and a $289.5 million or 12% increase from performance-based fees, primarily in liquid alternative
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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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including net client cash flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
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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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income (net), and a $38.3 million decrease in Affiliate equity expense attributable to the controlling interest, partially offset by
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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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Our Adjusted EBITDA (controlling interest)increased $96.3 million or 44% for thethree months ended June 30, 2026,
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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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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 the recognition of performance-based fees earned by Affiliates in
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which we hold a lesser economic interest.
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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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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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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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expense.
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and a $3.9 million decrease in Affiliate equity expense.
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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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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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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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contingent payment obligations.
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Other expenses (net)increased $13.0 million or 60% for thesix months ended June 30, 2026, primarily due to a $9.3
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values of contingent payment obligations.
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Equity method revenue, net increased $340.5 million or 50% for thethree months ended June 30, 2026, due to a $351.2
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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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including the impact of our investments in new Affiliates and market appreciation, and changes in the composition of our assets
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typically have higher fee rates.
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Equity method intangible amortization increased $2.2 million or 8% for thethree months ended June 30, 2026, primarily
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Equity method revenue, netincreased $931.7 million or 64% for thesix months ended June 30, 2026, due to a $696.7
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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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September 30, 2026, our aggregate assets under management were approximately $974 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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performance generated by their investment products. For thethree months ended June 30, 2026, assets under management
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performance generated by their investment products. For thethree months ended September 30, 2026, assets under
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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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management increased$31.5 billion or 3%, and for thenine months ended September 30, 2026, assets under management
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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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increased$160.6 billion or 20%. These increases were driven by net client cash flows and investment performance, and for the
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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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nine months ended September 30, 2026, the increase was also due to the addition of assets associated with new Affiliate
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demand for alternative strategies; broad-based demand for our Affiliates’ liquid alternative and private markets strategies
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investments. We continue to see client demand for alternative strategies; broad-based demand for our Affiliates’ liquid
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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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alternative and private markets strategies generated strong net inflows in the quarter, while our Affiliates’ equity strategies
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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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experienced net outflows in line with trends across the industry. As we continue to execute our growth strategy by investing in
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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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new and existing Affiliates, as well as in AMG’s strategic capabilities, we expect our business mix to further evolve and
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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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diversify, expanding our exposure to in-demand strategies in both private markets and liquid alternatives, and better positioning
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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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(3)Other includes product transitions and reclassifications.
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(3)Other includes product transitions predominantly resulting from changes in product mandates at a single Affiliate.
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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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(1)Past performance is not indicative of future results. Performance and AUM information is as of September 30, 2026 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, 2026, approximately 27% of our total assets
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period because they inherently depend on investment performance. As of September 30, 2026, approximately 27% of our total
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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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assets under management could potentially earn performance-based fees. These percentages were approximately 13% and 38%
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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 predominantly earned by our
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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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Aggregate fees were$1,757.6 million for thethree months ended September 30, 2026, anincrease of$411.6 million or
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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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31% as compared to thethree months ended September 30, 2025. The increase in aggregate fees was due to a $421.0 million or
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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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alternative strategies. The increase in asset-based fees was principally due to an increase in our Affiliates’ average assets under
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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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management, primarily in liquid alternative and private markets strategies, the impact of our investments in new Affiliates and
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flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
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Affiliates managing alternative strategies, which typically have higher fee rates.
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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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Aggregate fees were$5,329.0 million for thenine months ended September 30, 2026, anincrease of$1,539.2 million or
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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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41% as compared to thenine months ended September 30, 2025. The increase in aggregate fees was due to a $1,259.1 million
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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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alternative strategies. The increase in asset-based fees was principally due to an increase in our Affiliates’ average assets under
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(2)Adjusted EBITDA (controlling interest) and Economic net income (controlling interest) are non-GAAP performance
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(1)Adjusted EBITDA (controlling interest) and Economic net income (controlling interest) are non-GAAP performance
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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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improves comparability of performance between periods. For thethree months ended September 30, 2026, our Economic net
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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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average assets under management, primarily in private markets and multi-asset and fixed income strategies, including the
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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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Compensation and related expenses increased $16.2 million or 6% for thethree months ended September 30, 2026,
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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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primarily due to a$21.2 million increase in compensation accruals. This increase was partially offset by a $3.4 million
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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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Compensation and related expenses increased $125.3 million or 17% for thenine months ended September 30, 2026,
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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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primarily due to a $138.9 million increase in compensation accruals. This increase was partially offset by a $7.3 million
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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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Selling, general and administrative expenses increased $20.2 million or 20% for thethree months ended September 30,
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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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2026, primarily due to an $11.4 million increase in distribution and investment-related expenses, principally as a result of the
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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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increase in average assets under management on which these expenses are incurred, and a $7.0 million increase in professional
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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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Selling, general and administrative expenses increased $44.7 million or 15% for thenine months ended September 30,
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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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2026, primarily due to a $28.8 million increase in distribution and investment-related expenses, principally as a result of the
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AMG to continue to benefit from industry growth trends.
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Affiliates accounted for under the equity method.
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market appreciation, and changes in the composition of our assets under management, including net client cash flows from our
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market appreciation, and changes in the composition of our assets under management, including net client cash flows from our
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Affiliates managing alternative strategies, which typically have higher fee rates.
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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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private markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates’
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average assets under management, primarily in private markets and multi-asset and fixed income strategies, including the
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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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an increase in our equity method Affiliates’ average assets under management, primarily in liquid alternative strategies, the
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ended September 30, 2026 includes a gain of$14.6 million related to the myCIO Transaction. Peppertree and myCIO
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and 12 of our Consolidated Financial Statements.
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occurred under the equity distribution program.
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accounted for under the equity method.
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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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primarily due to a$488.0 million or 42% increase in aggregate fees.
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market appreciation, and changes in the composition of our assets under management.
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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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market appreciation, and changes in the composition of our assets under management.
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liquid alternative strategies. The increase in asset-based fees was principally due to an increase in our equity method Affiliates’
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partially offset by higher tax windfalls attributable to share-based compensation for the three months ended June 30, 2025.