Q3 2025 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Affiliated Managers Group Inc (AMG) reported a 17% year-over-year increase in EBITDA and a 27% growth rate in economic earnings per share for the third quarter of 2025.
- The company achieved record net inflows in alternative strategies, with $9 billion in firm-wide net inflows for the quarter and $17 billion year-to-date.
- AMG's alternative assets under management increased by nearly 30%, with $76 billion added, including $51 billion in net inflows into alternatives.
- The strategic collaboration with Brown Brothers Harriman highlights AMG's capital formation capabilities and strengthens its position in the US wealth channel.
- AMG's strong capital position, enhanced by proceeds from the sale of stakes in Peppertree and Comvest, allows for continued growth investments and shareholder returns.
- AMG experienced $9 billion in outflows from active equities, highlighting ongoing challenges in this segment.
- Despite strong growth in alternatives, the company faces headwinds in traditional equity strategies, impacting overall organic growth.
- The company's guidance for fourth-quarter adjusted EBITDA and economic earnings per share reflects uncertainty in market conditions and performance fees.
- AMG's business mix evolution towards alternatives may pose risks if market demand shifts or if alternative strategies underperform.
- The company's reliance on new investment partnerships and strategic collaborations introduces execution risks and dependency on successful integration.
Greetings, and welcome to the AMG third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Patricia Figueroa, Head of Investor Relations for AMG. Thank you. You may begin.
Good morning, and thank you for joining us today to discuss AMG's results for the third quarter of 2025. 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 reconciliations of any non-GAAP financial measures, including any earnings guidance provided.
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