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Affiliated Managers Group Inc AMG

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Economic Moat




Peltz Gains Two Seats on Invesco's Board; No Change to Moats or FVEs for Invesco or Janus Henderson

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We were not too surprised to see Nelson Peltz's Trian Fund Management obtain two seats on narrow-moat Invesco's board of directors, following the activist investor's taking of a 9.9% stake in the asset manager (along with a 9.9% stake in narrow-moat Janus Henderson) last month. That said, we believe investors should temper their enthusiasm, as Peltz's call for additional cost cuts, renewed growth through product innovation and the pursuit of more industry consolidation (perhaps including a merger of Invesco with Janus Henderson) will take time to come to fruition, if they happen at all.

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Company Profile

Business Description

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 September 2020, AMG's affiliate network--which includes firms like AQR Capital Management, BPEA and Pantheon in alternative assets and other products (which accounted for 34% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global equities (36%) and Frontier, River Road, and Yacktman in U.S. equities (13%)--had $653.5 billion in managed assets.

777 South Flagler Drive
West Palm Beach, FL, 33401
T +1 800 345-1100
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 4,000