Q2 2026 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Record second-quarter adjusted EBITDA of $316 million, up 44% year-over-year, and economic earnings per share of $8.29, up 54%.
- Assets under management reached a record $942 billion, driven by $13 billion in net inflows and strong investment performance.
- Alternative strategies generated $29 billion in net inflows in the quarter and $100 billion over the past 12 months, now accounting for over 60% of earnings.
- Strong capital allocation with $189 million in share repurchases in Q2, reducing share count by over 10% year-over-year.
- Active new investment pipeline with increased opportunities in private markets and liquid alternatives, targeting high-teens returns.
- Differentiated long-only equity strategies saw $14 billion in net outflows, reflecting ongoing industry and performance headwinds.
- Multi-asset and fixed income experienced $2 billion in net outflows, partly due to seasonal tax-related withdrawals.
- Market blend was down 2% quarter-to-date as of July 29, potentially impacting near-term earnings.
- Dependence on tax-aware strategies, which represent just over 10% of earnings, faces scrutiny and potential volatility.
- Geopolitical uncertainty may have delayed some new investment opportunities, shifting pipeline activity to the second half of the year.
Greetings and welcome to the AMG second-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Patricia Figueroa, Head of Investor Relations. Please go ahead.
Good morning and thank you for joining us today to discuss AMG's results for the second 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 section of our website
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