Affiliated Managers Group ended September 2026 with a record $973.9 billion in long-term assets under management, or AUM, and reported a 12.7% year-over-year increase in third-quarter revenue, with adjusted EBITDA margins increasing 1,200 basis points to 59.4%.
AMG's affiliate model provides it with a diverse product mix offering exposure to value and growth equity strategies, emerging-market equities, fixed-income, and alternatives.
Bears
AMG's more traditional equity performance (35% of EBITDA) has stumbled, with just 43%, 45%, and 62% of assets beating their benchmarks on a 3-, 5-, and 10-year basis, respectively, at the end of the second quarter of 2026.
Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to mid-size boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of June 2026, AMG's affiliate network—which includes firms like Abacus Capital and Pantheon dedicated to private markets (which accounted for 16% of AUM), AQR Capital and Capula Investment Management in liquid alternatives (31%), and Harding Loevner, Tweedy Browne, Parnassus, and Yacktman in equities, multi-asset, and bond strategies (53%)—had $942.4 billion in managed assets.