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
Corporate docs
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
News
Keefe, Bruyette & Woods Maintains Outperform on Affiliated Managers Group, Lowers Price Target to $150
29 Jun 22
Deutsche Bank Maintains Buy on Affiliated Managers Group, Lowers Price Target to $152
19 May 22
Analyzing Affiliated Managers Group's Short Interest
17 May 22
Affiliated Managers Group: Q1 Earnings Insights
2 May 22
Affiliated Managers Group Q1 EPS $4.65 Beats $4.34 Estimate
2 May 22
Analyst ratings and price targets
Current price
Average target
$181.00
Low target
$150.00
High target
$241.00
Keefe, Bruyette & Woods
Maintains
$150.00
Deutsche Bank
Maintains
$152.00
Citigroup
Maintains
$241.00
Calendar
6 May 22
2 Jul 22
31 Dec 22
Financial summary
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Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Cost of revenue | |||||
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
98.9% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 330 |
Opened positions | 29 |
Closed positions | 59 |
Increased positions | 116 |
Reduced positions | 127 |
13F shares | Current |
---|---|
Total value | 5.37B |
Total shares | 38.53M |
Total puts | 14.3K |
Total calls | 6K |
Total put/call ratio | 2.4 |
Largest owners | Shares | Value |
---|---|---|
EdgePoint Investment | 5.07M | $714.25M |
Vanguard | 3.65M | $513.86M |
BLK Blackrock | 3.5M | $493.06M |
Atlanta Capital Management Co L L C | 2.39M | $337.35M |
Southeastern Asset Management | 1.78M | $250.22M |
Clarkston Capital Partners | 1.68M | $236.1M |
FMR | 1.62M | $228.69M |
STT State Street | 1.35M | $190.58M |
Kiltearn Partners | 1.3M | $182.83M |
MFC Manulife Financial | 1.11M | $108.45M |
Financial report summary
?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
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Bad
|
New words:
AB, Additionally, ahead, assumption, attract, AUM, Baring, BPEA, category, certainty, commingled, comparison, computation, consecutive, Declaration, deploy, deployment, differentiated, economy, EQT, equivalent, ESG, evergreen, exceed, face, fluctuate, frame, GILTI, history, identical, illustrate, insignificant, issuable, krona, lag, launched, line, long, mark, Merger, Nasdaq, objective, order, orderly, outperformed, peer, policy, portfolio, predominantly, preservation, prevailing, provisional, public, relevant, secular, short, sourced, Stockholm, Swedish, systematic, Systematica, taxable, threshold, track, uncalled, utilized, vintage, wealth, wholly
Removed:
attrition, August, Boston, collar, collateral, commercial, compounded, consent, contract, counterparty, depressed, designated, drop, FASB, forecasted, forward, institution, intention, large, leader, lending, liquidation, lower, maintained, measurement, modify, notice, notified, notional, OCP, pandemic, participant, post, pound, program, prolonged, realized, receipt, recognition, region, rescinded, secured, Simplifying, single, substantial, sustainable, terminated, termination, travel, upward
Financial reports
Current reports
8-K
Submission of Matters to a Vote of Security Holders
31 May 22
8-K
Other Events
27 May 22
8-K
AMG Reports Financial and Operating Results for the First Quarter of 2022
2 May 22
8-K
BPEA to Enter into Strategic Combination with EQT
16 Mar 22
8-K
AMG Reports Financial and Operating Results for Company reports EPS of $4.17, Economic EPS of $6.10 in fourth quarter
7 Feb 22
8-K
AMG Reports Financial and Operating Results for the Third Quarter
1 Nov 21
8-K
Entry into a Material Definitive Agreement
26 Oct 21
8-K
AMG Reports Financial and Operating Results
28 Jul 21
8-K
AMG Appoints David C. Ryan to its Board of Directors
21 Jul 21
8-K
Entry into a Material Definitive Agreement
13 Jul 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
27 May 22
S-3ASR
Automatic shelf registration
1 Mar 22
8-A12B
Registration of securities on exchange
13 Jul 21
424B5
Prospectus supplement for primary offering
9 Jul 21
FWP
Free writing prospectus
8 Jul 21
424B5
Prospectus supplement for primary offering
8 Jul 21
8-A12B
Registration of securities on exchange
23 Sep 20
424B5
Prospectus supplement for primary offering
18 Sep 20
FWP
Free writing prospectus
17 Sep 20
424B5
Prospectus supplement for primary offering
17 Sep 20
Proxies
DEFA14A
Additional proxy soliciting materials
15 Apr 22
DEFA14A
Additional proxy soliciting materials
28 May 21
DEFA14A
Additional proxy soliciting materials
26 May 21
DEFA14A
Additional proxy soliciting materials
19 Apr 21
DEFA14A
Additional proxy soliciting materials
4 Jun 20
DEFA14A
Additional proxy soliciting materials
18 May 20
DEFA14A
Additional proxy soliciting materials
28 Apr 20
DEF 14A
Definitive proxy
28 Apr 20
Other
UPLOAD
Letter from SEC
8 Feb 22
CORRESP
Correspondence with SEC
7 Feb 22
UPLOAD
Letter from SEC
27 Jan 22
CORRESP
Correspondence with SEC
20 Jan 22
UPLOAD
Letter from SEC
21 Dec 21
CERT
Certification of approval for exchange listing
20 Jul 21
CERT
Certification of approval for exchange listing
24 Sep 20
UPLOAD
Letter from SEC
15 Apr 19
CORRESP
Correspondence with SEC
11 Apr 19
UPLOAD
Letter from SEC
3 Apr 19
Ownership
13F-NT
Notice of holdings reported by another manager
13 May 22
4
AFFILIATED MANAGERS / Jay C. Horgen ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Thomas M Wojcik ownership change
8 Mar 22
4
AFFILIATED MANAGERS / David M. Billings ownership change
8 Mar 22
4
AFFILIATED MANAGERS / John R Erickson ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Rizwan M Jamal ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Karen L. Alvingham ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Tracy P. Palandjian ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Rodriguez Felix V. Matos ownership change
8 Mar 22
4
AFFILIATED MANAGERS / Reuben Jeffery III ownership change
8 Mar 22
Transcripts
2022 Q1
Earnings call transcript
2 May 22
2021 Q4
Earnings call transcript
7 Feb 22
2021 Q3
Earnings call transcript
1 Nov 21
2021 Q2
Earnings call transcript
28 Jul 21
2021 Q1
Earnings call transcript
3 May 21
2020 Q4
Earnings call transcript
8 Feb 21
2020 Q3
Earnings call transcript
26 Oct 20
2020 Q2
Earnings call transcript
27 Jul 20
2020 Q1
Earnings call transcript
27 Apr 20
2019 Q4
Earnings call transcript
3 Feb 20
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