Q4 2024 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Affiliated Managers Group Inc (AMG) delivered record economic earnings per share in 2024, with full-year earnings up 10% year over year.
- AMG's private market Affiliates raised approximately $24 billion during the year, reflecting strong demand for specialized strategies.
- The company announced a minority investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate, aligning with AMG's strategy of investing in high-quality independent firms.
- AMG's liquid alternatives Affiliates experienced positive flows for the second consecutive quarter, driven by strong client demand.
- The company has a strong capital position, allowing for flexibility in executing growth opportunities and returning capital through share repurchases.
- AMG experienced net client cash outflows of $8 billion in the quarter, primarily due to industry headwinds in equities.
- Equities saw net outflows of approximately $16 billion in the quarter, reflecting performance challenges and seasonality.
- Adjusted EBITDA for the fourth quarter was down 5% year over year, impacted by lower net performance fees.
- First quarter guidance indicates a decrease in adjusted EBITDA compared to the previous year, with expected performance fee earnings lower than the year-ago period.
- Despite strong fundraising in private markets, AMG faces ongoing challenges in improving flow trends in the equities sector.
Greetings and welcome to AMG fourth-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Patricia Figueroa, Head of Investor Relations. Thank you. Please begin.
Good morning and thank you for joining us today to discuss AMG's results for the fourth-quarter and full year 2024. Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements which could differ from our actual results materially, and AMG assumes no obligation to update these statements.
Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG Affiliate.
A replay of today's call will be available on the investor relations section of our website, along with a copy of our earnings release and a reconciliation of any non-GAAP financial measures, including any earnings guidance
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