Affiliated Managers Group, Inc. (AMG) SEC Filings & Earnings Calls

Equity strategy net outflows

“while our Affiliates’ equity strategies experienced net outflows in line with trends across the industry.” · word for word

Performance-based fee volatility

“Performance-based fees are generally recognized less frequently than asset-based fees and will vary from period to period because they inherently depend on investment performance.” · word for word

Market dependence

“Asset-based fees are generally impacted by the level of average assets under management and the composition of these assets across our strategies with different asset-based fee ratios.” · word for word

Equities net outflows continue, indicating potential shift in investor preference.

“Equities net outflows $14.5B in Q2, $23.6B YTD.”

Increased leverage capacity could lead to higher debt levels if fully drawn.

“May increase commitments by up to $750 million.”

Equity Strategy Outflows

“Net client cash flows: Equities (9.1)”

Interest Expense Increase

“Interest expense increased $4.3 million or 13% for the three months ended March 31, 2026.” · word for word

Key Person Departure

“Thomas M. Wojcik, former President and COO, departed in March 2026. All unvested equity awards canceled.”

Compensation Cap Impact

“CEO's Annual Incentive Compensation was reduced by $(1.5) million due to pre-set cap.” · word for word

AUM Decline Risk

“A reduction in our assets under management could adversely affect the fees payable to our Affiliates and, ultimately, our financial condition and results of operations.” · word for word

Fee Compression Risk

“Many of these firms may offer products and services that our Affiliates may not, in particular investment strategies such as passively managed products, including ETFs, which typically carry lower fee rates.” · word for word

Key executive departure with large separation payments could signal management instability or strategic shift.

“Cash payments in the aggregate amount of $5,025,000 in 2026 and $11,050,000 in 2027.” · word for word

Increased leverage from new debt issuance.

“Creation of a Direct Financial Obligation” · word for word

Equity strategy net outflows

“our equity strategies experienced net outflows in line with trends across the industry”

Intangible asset impairment risk

“we recorded an expense in Intangible amortization and impairments of $59.2 million attributable to the controlling interest ($70.0 million in aggregate) to reduce the carrying value of the assets to fair value.” · word for word

Affiliate equity compensation expense volatility

“Compensation and related expenses increased $32.7 million or 15% for the three months ended September 30, 2025 , primarily due to a $31.6 million increase in Affiliate equity compensation expense.” · word for word

Market risk: AUM and fees sensitive to market movements.

“Market changes contributed $33.4B to AUM in Q3.”

Concentration in alternative strategies may face regulatory or liquidity risks.

“Alternatives AUM $147.7B private markets, $181.7B liquid alternatives.”