Q4 2025 Affiliated Managers Group Inc Earnings Call Transcript
Key Points
- Affiliated Managers Group Inc (AMG) reported record annual economic earnings per share of $26.05, a 22% increase year over year.
- The company achieved substantial organic growth with $29 billion in annual net client cash flows, the highest level since 2013.
- AMG added approximately $97 billion in alternative assets under management, representing a 35% increase in total alternative AUM.
- The company repurchased approximately $700 million of its shares, reducing the share count by 11%.
- AMG's strategic investments in new Affiliates and partnerships, such as with NorthBridge and Verition, are expected to be accretive to earnings in 2026.
- AMG experienced $45 billion in outflows in active equities, reflecting industry headwinds.
- The company faces competition in the wealth channel, particularly in liquid alternatives, which could impact growth.
- Despite strong performance, the growth in performance fees is expected to be back-ended, as AMG generally does not buy in-ground carry in new investments.
- AMG's multi-asset and fixed income segments were flat for both the quarter and the year.
- The company anticipates repurchasing at least $400 million in shares in 2026, which may be subject to market conditions and capital allocation activity.
Greetings, and welcome to the AMG fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
I would 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 fourth quarter and full year 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 Affiliates.
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
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