Q2 2024 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Strong results for the first half of 2024, driven by organic growth in private markets and excellent performance of liquid alternatives managers.
- Disciplined capital allocation strategy, including significant share repurchases and investments in high-growth areas.
- Diversified portfolio of high-quality Affiliates, enhancing earnings stability and supporting growth investments.
- Continued momentum in private markets fundraising and improving trends in quantitative strategies.
- Significant strategic push into alternatives in the US wealth market, creating a multi-decade growth opportunity.
- Lower performance fees in Q2 2024 compared to Q2 2023.
- Net outflows of approximately $6 billion in equities within differentiated long-only strategies.
- Seasonal low performance fee quarters expected in Q2 and Q3, impacting earnings.
- Higher cash taxes due to the absence of a discrete foreign tax benefit that was present last year.
- Potential external factors, such as election outcomes, could impact decision-making and capital deployment.
Greetings, and welcome to the AMG second 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. You may begin.
Good morning, and thank you for joining us today to discuss AMG's results for the second quarter of 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.
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 announced on this call. In addition, this morning we posted an updated investor presentation to our website, and encourage investors to consult our site regularly for updated
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
