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Affiliated Managers Group Inc AMG

Morningstar Rating
$158.91 −1.07 (0.67%)
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Company Report

Improving Equity and Credit Markets Have Lifted AMG's Managed Assets, but Headwinds to Flows Persist

A confluence of several issues—poor relative active investment performance, the growth of low-cost index-based products, and the expanding power of the retail-advised channel—has made it increasingly difficult for asset managers running predominantly active portfolios to generate organic growth, leaving them more dependent on market gains to drive managed asset levels higher. While we continue to believe there will be room for active management, which is hard to do in an environment where an overwhelming majority of the flows are going into index funds and exchange-traded funds, we believe the advantage (when it comes to getting placement on platforms) will go to asset managers with greater scale, established brands, solid long-term performance, and reasonable fees.

Price vs Fair Value

AMG is trading at a 5% discount.
Price
$158.91
Fair Value
$921.00
Uncertainty
High
1-Star Price
$355.40
5-Star Price
$261.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

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 global equity performance has been less than ideal, with just 44%, 43%, and 61% of global equity assets (28% of AUM) beating their benchmarks on a 3-, 5-, and 10-year basis, respectively, at the end of December 2023.

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News

Trading Information

Previous Close Price
$159.98
Day Range
$158.89161.76
52-Week Range
$120.22169.65
Bid/Ask
$159.39 / $254.25
Market Cap
$5.16 Bil
Volume/Avg
1 / 233,384

Key Statistics

Price/Earnings (Normalized)
8.17
Price/Sales
3.28
Dividend Yield (Trailing)
0.03%
Dividend Yield (Forward)
0.03%
Total Yield
7.70%

Company Profile

Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize 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 December 2023, AMG's affiliate network—which includes firms like AQR Capital Management, and Pantheon in alternative assets and other products (which accounted for 35% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (28%) and Frontier, River Road, Parnassus, and Yacktman in U.S. equities (21%)—had $672.2 billion in managed assets.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
4,000

Competitors

Valuation

Metric
AMG
IVZ
JHG
Price/Earnings (Normalized)
8.1710.0711.72
Price/Book Value
1.480.641.11
Price/Sales
3.281.212.35
Price/Cash Flow
6.124.7010.05
Price/Earnings
AMG
IVZ
JHG

Financial Strength

Metric
AMG
IVZ
JHG
Quick Ratio
2.612.303.64
Current Ratio
2.612.303.89
Interest Coverage
9.82−3.0542.50
Quick Ratio
AMG
IVZ
JHG

Profitability

Metric
AMG
IVZ
JHG
Return on Assets (Normalized)
8.01%2.34%6.65%
Return on Equity (Normalized)
21.13%6.19%9.51%
Return on Invested Capital (Normalized)
11.08%2.82%8.49%
Return on Assets
AMG
IVZ
JHG
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