Affiliated Managers Group Earnings Call Transcripts
Fiscal Year 2025
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Record economic EPS and strong organic growth in 2025 were driven by alternative strategies, with $97B in new alternative AUM and $29B in net inflows. Guidance for 2026 points to continued earnings momentum, robust capital deployment, and a focus on alternatives.
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Alternatives now make up 55% of EBITDA, with a target of two-thirds soon, driven by organic growth and acquisitions. Strong flows in liquid alts and private markets, new product launches, and disciplined capital allocation are fueling momentum. Earnings growth is expected to accelerate into 2026.
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Record alternative inflows and strong organic growth drove a 17% year-over-year EBITDA increase and 27% EPS growth, with alternatives now 55% of EBITDA. Strategic investments, affiliate sales, and collaborations like BBH position the firm for accelerated earnings in 2026.
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Q2 2025 saw 15% EPS growth and $8B+ net inflows, driven by record alternative strategy inflows and four new partnerships. Alternatives now contribute 55% of EBITDA, with further growth and a step up in 2026 earnings expected as new investments scale.
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Record $14B net inflows into alternatives offset equity outflows, with three new partnerships adding $18B in AUM and $700M in capital committed. Adjusted EBITDA fell 12% year-over-year, but fee-related earnings grew 4%. Alternatives now exceed 50% of future earnings.
Fiscal Year 2024
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Record Economic EPS grew 10% year-over-year, driven by strong alternatives fundraising and disciplined capital allocation. Private markets and liquid alternatives saw robust inflows, while equities faced outflows. Entering 2025 with strong momentum and a solid investment pipeline.
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Alternatives and private markets are driving strong growth, with accelerating fundraising and product innovation, especially in the wealth channel. Capital allocation remains balanced between buybacks and new investments, and the business mix is shifting toward a more even split among private markets, liquid alternatives, and long-only strategies.
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Q3 saw 18% EPS growth and strong momentum in alternatives, with $7B in private markets inflows and $214M adjusted EBITDA. Guidance points to higher Q4 earnings, robust capital allocation, and continued product innovation, while performance fees may be below average due to absolute return strategy headwinds.
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Strong Q2 2024 results were driven by robust private markets and liquid alternatives growth, disciplined capital allocation, and accelerated share repurchases. Guidance for Q3 remains positive, with continued investment in growth and a focus on the U.S. wealth channel.