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Affiliated Managers Group Inc AMG

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Market Gains and Better Performance Overcome Outflows in AMG's Q1; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat-rated Affiliated Managers Group's first-quarter results that would alter our long-term view of the firm. We are leaving our $136 per share fair value estimate in place. AMG closed out the March quarter with $738 billion in managed assets, up 3% sequentially and 23% year over year. While net outflows of $7.5 billion--driven primarily by global equities ($8 billion) and U.S. equities ($1.1 billion)--during the quarter were on par with our expectations of $8.4 billion in outflows, the firm had much stronger performance than we were forecasting, which helped drive higher fee income during the period.

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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 2020, AMG's affiliate network--which includes firms like AQR Capital Management, BPEA and Pantheon in alternative assets and other products (which accounted for 30% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global equities (39%) and Frontier, River Road, and Yacktman in U.S. equities (14%)--had $716.2 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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 3,900