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Affiliated Managers (AMG)

AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG's strategy is to generate long-term value by investing in leading independent active investment managers, through a proven partnership approach, and allocating resources across the Company's unique opportunity set to the areas of highest growth and return. AMG's innovative partnership approach allows each Affiliate's management team to own significant equity in their firm while maintaining operational autonomy. In addition, AMG provides centralized assistance to its Affiliates on strategy, marketing, distribution, and product development. As of September 30, 2020, AMG's aggregate assets under management were approximately $654 billion, across a broad range of active, return-oriented strategies.

Company profile

Ticker
AMG, MGRB, MGRD, MGR
Exchange
Website
CEO
Sean Healey
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
AFFILIATED MANAGERS GROUP INC
SEC CIK
Subsidiaries
Abacos Atlantic Holdings Ltd. • Abacus Capital Group LLC • Abax Investments Proprietary Limited, a limited • Affiliated Managers Group (Asia) Limited • Affiliated Managers Group (Europe) Limited • Affiliated Managers Group • Affiliated Managers Group Limited, a limited company incorporated • Affiliated Managers Group Pty Ltd, a limited company incorporated in Australia • AMG 2014 Capital LLC • AMG Andros Holdings Ltd. ...
IRS number
43218510

AMG stock data

Analyst ratings and price targets

Last 3 months

Calendar

6 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 501M 501M 501M 501M 501M 501M
Cash burn (monthly) 135.83M 22.1M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 416.43M 67.75M n/a n/a n/a n/a
Cash remaining 84.57M 433.25M n/a n/a n/a n/a
Runway (months of cash) 0.6 19.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Mar 22 Tracy A Atkinson Common Stock Option exercise Acquire M No No 0 226 0 1,955
5 Mar 22 Tracy A Atkinson Stock Units Common Stock Option exercise Dispose M No No 0 226 0 2,969
5 Mar 22 Churchill Dwight D. Common Stock Option exercise Acquire M No No 0 364 0 15,889
5 Mar 22 Churchill Dwight D. Stock Units Common Stock Option exercise Dispose M No No 0 364 0 5,764
5 Mar 22 Reuben Jeffery III Common Stock Option exercise Acquire M No No 0 245 0 26,947
5 Mar 22 Reuben Jeffery III Stock Units Common Stock Option exercise Dispose M No No 0 245 0 3,769
5 Mar 22 Rodriguez Felix V. Matos Common Stock Option exercise Acquire M No No 0 207 0 207
5 Mar 22 Rodriguez Felix V. Matos RSU Common Stock Option exercise Dispose M No No 0 207 0 2,060
5 Mar 22 Palandjian Tracy P. Common Stock Option exercise Acquire M No No 0 238 0 9,162
5 Mar 22 Palandjian Tracy P. Stock Units Common Stock Option exercise Dispose M No No 0 238 0 4,101
98.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 330 360 -8.3%
Opened positions 29 65 -55.4%
Closed positions 59 36 +63.9%
Increased positions 116 111 +4.5%
Reduced positions 127 125 +1.6%
13F shares Current Prev Q Change
Total value 5.37B 6.56B -18.1%
Total shares 38.53M 40.29M -4.4%
Total puts 14.3K 111.5K -87.2%
Total calls 6K 39.2K -84.7%
Total put/call ratio 2.4 2.8 -16.2%
Largest owners Shares Value Change
EdgePoint Investment 5.07M $714.25M -13.2%
Vanguard 3.65M $513.86M +0.8%
BLK Blackrock 3.5M $493.06M -5.1%
Atlanta Capital Management Co L L C 2.39M $337.35M +1.6%
Southeastern Asset Management 1.78M $250.22M +15.5%
Clarkston Capital Partners 1.68M $236.1M +2.9%
FMR 1.62M $228.69M +3.4%
STT State Street 1.35M $190.58M +4.2%
Kiltearn Partners 1.3M $182.83M -7.3%
MFC Manulife Financial 1.11M $108.45M 0.0%
Largest transactions Shares Bought/sold Change
EdgePoint Investment 5.07M -771.44K -13.2%
Norges Bank 0 -366.01K EXIT
Spyglass Capital Management 1.11M -358.13K -24.4%
Hillhouse Capital Advisors 0 -335.07K EXIT
Arrowstreet Capital, Limited Partnership 17.06K -317.15K -94.9%
Citadel Advisors 319.53K +317.02K +12625.3%
Southeastern Asset Management 1.78M +238.07K +15.5%
BLK Blackrock 3.5M -189.18K -5.1%
JPM JPMorgan Chase & Co. 638.76K -178.15K -21.8%
IVZ Invesco 120.88K -125.11K -50.9%

Financial report summary

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Risks
  • Our financial results depend on our Affiliates’ receipt of asset- and performance-based fees, and are impacted by investment performance, as well as changes in fee levels, product mix, and the relative levels of assets under management among our Affiliates.
  • Our financial results could be adversely affected by any reduction in our assets under management, which could reduce the asset- and performance-based fees earned by our Affiliates.
  • If our or our Affiliates’ reputations are harmed, we could suffer losses in our business and financial results.
  • The asset management industry is highly competitive.
  • Investment management contracts are subject to termination on short notice.
  • We may need to raise additional capital in the future, and existing or future resources may not be available to us in sufficient amounts or on acceptable terms.
  • Our debt agreements impose certain covenants relating to the conduct of our business, including financial covenants under our credit facilities, any breach of which could result in the acceleration of the repayment of any amounts borrowed or outstanding thereunder.
  • We have substantial intangibles on our balance sheet, and any impairment of our intangibles could adversely affect our financial condition and results of operations.
  • Market risk management activities may adversely affect our liquidity and results of operations.
  • The replacement of benchmark indices, including the London Interbank Offered Rate (“LIBOR”), introduces a number of risks for us, our Affiliates and their clients, and for the global asset management industry more broadly.
  • The ongoing COVID-19 pandemic, or an outbreak of another highly infectious or contagious disease, could adversely affect our business, financial condition and results of operations.
  • Our growth strategy depends in part upon our ability to make investments in independent investment firms and to pursue other strategic partnerships.
  • The structure of our partnership interests in our Affiliates may expose us to unanticipated changes in Affiliate revenue, operating expenses, and other commitments, which we may not anticipate and may have limited ability to control.
  • We may reposition or divest our equity interests in our Affiliates, and we cannot be certain that any such repositioning or divestment will benefit us in the near- or long-term.
  • We and our Affiliates rely on certain key personnel and cannot guarantee their continued service.
  • Equity markets and our common stock have been volatile.
  • The sale or issuance of substantial amounts of our common stock, or the expectation that such sales or issuances will occur, could adversely impact the price of our common stock.
  • Provisions in our organizational documents, Delaware law, and other factors could delay or prevent a change in control of the Company, or adversely affect our financial results in periods prior to and following a change in control.
  • Our and our Affiliates’ businesses are highly regulated.
  • Our and our Affiliates’ international operations are subject to foreign risks, including political, regulatory, economic, and currency risks.
  • Changes in tax laws or exposure to additional tax liabilities could have an adverse impact on our business, financial condition, and results of operations.
  • We or our Affiliates may be involved in legal proceedings and regulatory matters from time to time, and we may be held responsible for liabilities incurred by certain of our Affiliates.
  • Our or our Affiliates’ controls and procedures and risk management policies may be inadequate, fail or be circumvented, and operational risk could adversely affect our or our Affiliates’ reputation and financial position.
  • Failure to maintain and properly safeguard an adequate technology infrastructure may limit our or our Affiliates’ growth, result in losses or disrupt our or our Affiliates’ businesses.
Management Discussion
  • Our Consolidated revenue increased $48.2 million or 9% for the three months ended March 31, 2022, due to a $48.4 million or 9% increase in asset-based fees.  The increase in asset-based fees was due to an increase in consolidated Affiliate average assets under management, primarily in our U.S. equity strategies, driven by investments in new Affiliates, and partially offset by net client cash outflows.
  • Our Consolidated expenses are primarily attributable to the non-controlling interests of our consolidated Affiliates in which we share in revenue without regard to expenses. For these Affiliates, the amount of expenses attributable to the non-controlling interests, primarily compensation, is generally determined by the percentage of revenue allocated to expenses as part of the structured partnership interests in place at the respective Affiliate. Accordingly, increases in revenue generally will increase a
  • consolidated Affiliate’s expenses attributable to the non-controlling interests and decreases in revenue generally will decrease a consolidated Affiliate’s expenses attributable to the non-controlling interests.

Content analysis

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