Affiliated Managers Group, Inc.

Core business model

• AMG is a global strategic partner to independent investment firms, called Affiliates.
• It invests in high-quality, partner-owned firms while preserving Affiliate independence and ownership culture.
• AMG provides strategic resources to Affiliates, including growth capital, product strategy, distribution through capital formation capabilities, succession planning, and strategic advisory.
• Partnerships are typically structured through customized, long-term arrangements that align AMG’s economics with Affiliate management while maintaining Affiliate autonomy.

Affiliates and assets under management (AUM)

• As of December 31, 2025, AMG’s Affiliate network managed approximately $813 billion across a diversified set of strategies.
• Asset mix by category:
  • Private Markets: ~$146 billion
  • Liquid Alternatives: ~$227 billion
  • Differentiated Long-Only:
    • Equities: ~$312 billion
    • Multi-Asset and Fixed Income: ~$128 billion
• AMG diversifies across alternatives and differentiated long-only strategies to stabilize earnings across market cycles.

Growth and capabilities

• AMG targets partnerships where its strategic capabilities add value and where Affiliates see benefit from the AMG platform.
• Growth investments focus on:
  1. Partnering with new, high-quality Affiliates.
  2. Investing in and alongside existing Affiliates, including seed/growth capital and seeding new products.
  3. Expanding AMG’s internal capabilities in capital formation, product strategy, distribution, succession planning, and strategic advisory.
• In the past two years AMG launched four new alternative strategies and an active ETF to complement Affiliate offerings.
• The distribution platform uses a vertically integrated U.S. wealth platform for product development, operations, and scaled distribution, plus global distribution capabilities across major regions.

People and culture

• As of December 31, 2025, AMG and its Affiliates employed approximately 5,600 people; the majority work for Affiliates, with AMG directly employing about 250.
• Affiliate management teams typically retain meaningful equity ownership, aligning their interests with AMG and clients.
• AMG emphasizes a long-term, partnership-oriented culture and succession planning across Affiliate management teams.

Financial snapshot (select figures from 2025 annual data)

• Total assets: $9.2 billion
• Intangible assets: $4.2 billion
• Equity method investments in Affiliates: $2.9 billion
• Outstanding debt: $2.7 billion
• Affiliate equity-related liquidity: current redemption value of Affiliate equity interests $408.0 million
  • $246.8 million redeemable non-controlling interests (including $32.2 million of consolidated Affiliate-sponsored investment products, primarily for third-party investors)
  • $161.2 million included in Other liabilities
• Unfunded commitments related to general partner and seed capital investments: $285.0 million
• AUM and revenue mix are driven by Affiliate performance and client inflows/outflows; AMG’s earnings are tied to asset- and performance-based fees earned by Affiliates and to its structured partnership interests.

Global reach and distribution

• AMG provides access to growth capital, product strategy, and distribution capabilities to expand Affiliate reach.
• Distribution channels include U.S. wealth platforms and global distribution across the U.S., Europe, the UK, the Middle East, and Asia.

Summary

AMG acts as a long-term, equity-aligned partner to independent investment firms, providing capital, strategic guidance, and scaled distribution while preserving Affiliate independence. The company reports substantial AUM across multiple asset classes, a broad global footprint, a sizable Affiliate workforce, and a significant balance sheet with debt and intangible assets, alongside ongoing growth investments and product development.