Q1 2026 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Affiliated Managers Group Inc (AMG) reported record results for the first quarter with Adjusted EBITDA of approximately $317 million and Economic earnings per share of $8.23, representing year-over-year growth of 39% and 58%, respectively.
- The company achieved record quarterly net client cash flows of more than $22 billion, bringing net flows over the last 12 months to $52 billion, an organic growth rate of 7%.
- AMG's diversified business model demonstrated resilience against a volatile market backdrop, with record assets under management and record fee-related EBITDA.
- The company repurchased shares at an elevated pace, deploying approximately $186 million in the quarter, contributing to a reduction of 10% in shares outstanding over the past 12 months.
- AMG's strategic focus on alternative strategies, including infrastructure, secondary solutions, and absolute return strategies, is driving significant organic growth and positioning the company for further expansion.
- Despite strong overall performance, AMG experienced net outflows of approximately $9 billion in equities during the quarter, reflecting ongoing industry and performance headwinds.
- The company faces market headwinds from broader macro events, which could impact future performance.
- AMG's private credit exposure is low, representing approximately 3% of total assets, which may limit opportunities in this growing market segment.
- The company anticipates seasonally lower net performance fees in the second quarter, which could impact financial results.
- AMG's growth in tax-aware strategies, while positive, represents a small portion of overall assets under management, indicating limited impact on the broader business.
Greetings, and welcome to the AMG first-quarter 2026 earnings call.
(Operator Instructions) As a reminder, this conference is being recorded.
I'd now like to turn the call 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 first quarter of 2026. 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 due to a number of factors, including those described in today's earnings press release and our most recent Form 10-K and subsequent filings with the SEC, 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
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