Affiliated Managers Group, Inc. (NYSE: AMG) today reported its
financial and operating results for the first quarter of 2023.
Jay C. Horgen, President and Chief
Executive Officer of AMG, said:“AMG reported Economic
Earnings per share of $4.18 for the first quarter, reflecting our
unique business profile, the diversity of our Affiliate group, and
the positive impact of our capital allocation strategy.
“Macroeconomic uncertainty is creating additional opportunities
for alpha-oriented managers to generate differentiated returns. Our
Affiliates are positioned to benefit as clients adjust their
portfolio allocations and engage high-quality alpha-oriented
managers to navigate rapidly changing markets. This environment is
presenting additional opportunities to build new partnerships, and
AMG’s unique approach continues to resonate with high-performing
partner-owned firms. As a result, we expect to continue to enhance
our participation in secular growth areas and further diversify our
business.
“With thirty years of experience in partnering with independent
firms, our reputation as a strategic partner across market cycles,
and our strong and flexible balance sheet, we are uniquely
positioned to execute on our opportunity set. Given our proven
ability to invest in attractive growth opportunities in existing
and new Affiliates, while also returning excess capital to
shareholders through a disciplined capital allocation framework, we
are confident in our ability to create long-term shareholder
value.”
FINANCIAL
HIGHLIGHTS |
|
|
Three Months Ended |
|
(in millions, except as noted
and per share data) |
|
|
3/31/2022 |
|
3/31/2023 |
|
Operating Performance
Measures |
|
|
|
|
|
|
AUM (at period end, in billions) |
|
|
$ |
776.7 |
|
|
$ |
668.0 |
|
|
Average AUM (in billions) |
|
|
|
787.3 |
|
|
|
660.4 |
|
|
Net client cash flows (in billions) |
|
|
|
(2.2 |
) |
|
|
(3.2 |
) |
|
Aggregate fees |
|
|
|
1,330.5 |
|
|
|
1,505.1 |
|
|
Financial Performance
Measures |
|
|
|
|
|
|
Net income (controlling interest) |
|
|
$ |
146.0 |
|
|
$ |
134.5 |
|
|
Earnings per share (diluted) (1) |
|
|
|
3.44 |
|
|
|
3.47 |
|
|
Supplemental
Performance Measures (2) |
|
|
|
|
|
|
Adjusted EBITDA (controlling interest) |
|
|
$ |
240.0 |
|
|
$ |
216.8 |
|
|
Economic net income (controlling interest) |
|
|
|
178.5 |
|
|
|
158.1 |
|
|
Economic earnings per share |
|
|
|
4.36 |
|
|
|
4.18 |
|
|
For additional information on our Supplemental Performance
Measures, including the impact of a definition change on Adjusted
EBITDA (controlling interest), Economic net income (controlling
interest), and Economic earnings per share this quarter and
reconciliations to GAAP, see the Financial Tables and Notes.
Capital Management During the first quarter of
2023, the Company continued to execute on the seven-month $225
million accelerated share repurchase program entered into at
year-end, and announced a first-quarter cash dividend of $0.01 per
share of common stock, payable May 25, 2023 to stockholders of
record as of the close of business on May 11, 2023.
About AMGAMG is a leading partner to
independent investment management firms globally. AMG’s strategy is
to generate long‐term value by investing in a diverse array of
high-quality independent partner-owned firms, through a proven
partnership approach, and allocating resources across AMG's unique
opportunity set to the areas of highest growth and return. AMG’s
innovative partnership approach enables each Affiliate’s management
team to own significant equity in their firm while maintaining
operational and investment autonomy. In addition, AMG offers its
Affiliates growth capital, distribution, and other strategic
value-added capabilities, which enhance the long-term growth of
these independent businesses, and enable them to align equity
incentives across generations of principals to build enduring
franchises. As of March 31, 2023, AMG’s aggregate assets under
management were approximately $668 billion across a broad range of
differentiated investment strategies. For more information, please
visit the Company’s website at www.amg.com.
Conference Call, Replay and Presentation
InformationA conference call will be held with AMG’s
management at 8:30 a.m. Eastern time today. Parties interested in
listening to the conference call should dial 1-877-407-8291 (U.S.
calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call
begins.
The conference call will also be available for replay beginning
approximately one hour after the conclusion of the call. To hear a
replay of the call, please dial 1-877-660-6853 (U.S. calls) or
1-201-612-7415 (non-U.S. calls) and provide conference ID 13737976.
The live call and replay of the session and a presentation
highlighting the Company's performance can also be accessed via
AMG’s website at https://ir.amg.com/.
Investor Relations:Patricia Figueroa
Media Relations:Ann Imes
+1 (617) 747-3300ir@amg.compr@amg.com
Financial Tables Follow
ASSETS
UNDER MANAGEMENT - STATEMENT OF CHANGES (in
billions) |
BY STRATEGY - QUARTER
TO DATE |
Alternatives |
Global Equities |
U.S. Equities |
Multi-Asset & Fixed
Income |
Total |
AUM, December 31, 2022 |
$ |
220.9 |
|
$ |
186.1 |
|
$ |
133.3 |
|
$ |
110.5 |
|
$ |
650.8 |
|
Client cash inflows and commitments |
|
10.1 |
|
|
4.8 |
|
|
5.0 |
|
|
5.0 |
|
|
24.9 |
|
Client cash outflows |
|
(6.3 |
) |
|
(9.9 |
) |
|
(7.3 |
) |
|
(4.6 |
) |
|
(28.1 |
) |
Net client cash flows |
|
3.8 |
|
|
(5.1 |
) |
|
(2.3 |
) |
|
0.4 |
|
|
(3.2 |
) |
Market changes |
|
(0.0 |
) |
|
10.8 |
|
|
5.8 |
|
|
3.6 |
|
|
20.2 |
|
Foreign exchange |
|
0.7 |
|
|
0.8 |
|
|
0.2 |
|
|
0.0 |
|
|
1.7 |
|
Realizations and distributions (net) |
|
(1.4 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.1 |
) |
|
(1.5 |
) |
Other |
|
(0.3 |
) |
|
0.0 |
|
|
0.0 |
|
|
0.3 |
|
|
(0.0 |
) |
AUM, March 31, 2023 |
$ |
223.7 |
|
$ |
192.6 |
|
$ |
137.0 |
|
$ |
114.7 |
|
$ |
668.0 |
|
BY CLIENT TYPE -
QUARTER TO DATE |
Institutional |
Retail |
High Net Worth |
Total |
AUM, December 31, 2022 |
$ |
333.5 |
|
$ |
188.9 |
|
$ |
128.4 |
|
$ |
650.8 |
|
Client cash inflows and commitments |
|
9.4 |
|
|
10.2 |
|
|
5.3 |
|
|
24.9 |
|
Client cash outflows |
|
(11.6 |
) |
|
(11.6 |
) |
|
(4.9 |
) |
|
(28.1 |
) |
Net client cash
flows |
|
(2.2 |
) |
|
(1.4 |
) |
|
0.4 |
|
|
(3.2 |
) |
Market changes |
|
7.4 |
|
|
8.1 |
|
|
4.7 |
|
|
20.2 |
|
Foreign exchange |
|
0.9 |
|
|
0.7 |
|
|
0.1 |
|
|
1.7 |
|
Realizations and distributions (net) |
|
(1.4 |
) |
|
(0.1 |
) |
|
(0.0 |
) |
|
(1.5 |
) |
Other |
|
(0.3 |
) |
|
0.4 |
|
|
(0.1 |
) |
|
(0.0 |
) |
AUM, March 31,
2023 |
$ |
337.9 |
|
$ |
196.6 |
|
$ |
133.5 |
|
$ |
668.0 |
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
|
|
Three Months Ended |
|
(in millions, except per share
data) |
|
3/31/2022 |
|
3/31/2023 |
|
|
|
|
|
|
|
Consolidated revenue |
|
$ |
607.3 |
|
|
$ |
517.4 |
|
|
|
|
|
|
|
|
Consolidated
expenses: |
|
|
|
|
|
Compensation and related expenses |
|
|
255.0 |
|
|
|
222.3 |
|
|
Selling, general and administrative |
|
|
89.4 |
|
|
|
97.1 |
|
|
Intangible amortization and impairments |
|
|
12.6 |
|
|
|
12.5 |
|
|
Interest expense |
|
|
29.1 |
|
|
|
30.5 |
|
|
Depreciation and other amortization |
|
|
3.4 |
|
|
|
3.7 |
|
|
Other expenses (net) |
|
|
5.6 |
|
|
|
14.4 |
|
|
Total consolidated
expenses |
|
|
395.1 |
|
|
|
380.5 |
|
|
|
|
|
|
|
|
Equity method income
(net)(3) |
|
|
48.6 |
|
|
|
58.6 |
|
|
Investment and other
income |
|
|
13.6 |
|
|
|
38.0 |
|
|
Income before income
taxes |
|
|
274.4 |
|
|
|
233.5 |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
55.7 |
|
|
|
45.0 |
|
|
Net
income |
|
|
218.7 |
|
|
|
188.5 |
|
|
|
|
|
|
|
|
Net income (non-controlling
interests) |
|
|
(72.7 |
) |
|
|
(54.0 |
) |
|
Net income
(controlling interest) |
|
$ |
146.0 |
|
|
$ |
134.5 |
|
|
|
|
|
|
|
|
Average shares outstanding
(basic) |
|
|
39.7 |
|
|
|
35.9 |
|
|
Average shares outstanding
(diluted) |
|
|
46.9 |
|
|
|
39.9 |
|
|
|
|
|
|
|
|
Earnings per share
(basic) |
|
$ |
3.68 |
|
|
$ |
3.74 |
|
|
Earnings per share
(diluted)(1) |
|
$ |
3.44 |
|
|
$ |
3.47 |
|
|
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE
MEASURES(2) |
|
|
|
|
|
|
|
Three Months Ended |
|
(in millions, except per share
data) |
|
3/31/2022 |
|
3/31/2023 |
|
|
|
|
|
|
|
Net income (controlling interest) |
|
$ |
146.0 |
|
|
$ |
134.5 |
|
|
Intangible amortization and impairments |
|
|
31.9 |
|
|
|
29.4 |
|
|
Intangible-related deferred taxes |
|
|
15.7 |
|
|
|
14.8 |
|
|
BPEA Transaction(4) |
|
|
— |
|
|
|
(16.3 |
) |
|
Other economic items |
|
|
(15.1 |
) |
|
|
(4.3 |
) |
|
Economic net income (controlling interest) |
|
$ |
178.5 |
|
|
$ |
158.1 |
|
|
|
|
|
|
|
|
Average
shares outstanding (adjusted diluted) |
|
|
40.9 |
|
|
|
37.9 |
|
|
Economic earnings per share |
|
$ |
4.36 |
|
|
$ |
4.18 |
|
|
|
|
|
|
|
|
Net income
(controlling interest) |
|
$ |
146.0 |
|
|
$ |
134.5 |
|
|
Interest expense |
|
|
29.1 |
|
|
|
30.5 |
|
|
Income taxes |
|
|
50.5 |
|
|
|
42.5 |
|
|
Intangible amortization and impairments |
|
|
31.9 |
|
|
|
29.4 |
|
|
BPEA Transaction(4) |
|
|
— |
|
|
|
(21.6 |
) |
|
Other items |
|
|
(17.5 |
) |
|
|
1.5 |
|
|
Adjusted EBITDA
(controlling interest) |
|
$ |
240.0 |
|
|
$ |
216.8 |
|
|
See Notes for additional information.
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
Period Ended |
|
(in millions) |
|
12/31/2022 |
|
3/31/2023 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
429.2 |
|
|
$ |
832.8 |
|
|
Receivables |
|
|
316.0 |
|
|
|
408.6 |
|
|
Investments in marketable securities |
|
|
716.9 |
|
|
|
457.7 |
|
|
Goodwill |
|
|
2,648.7 |
|
|
|
2,648.9 |
|
|
Acquired client relationships (net) |
|
|
1,876.0 |
|
|
|
1,866.1 |
|
|
Equity method investments in Affiliates (net) |
|
|
2,139.5 |
|
|
|
1,920.2 |
|
|
Fixed assets (net) |
|
|
68.5 |
|
|
|
67.1 |
|
|
Other investments |
|
|
421.6 |
|
|
|
426.0 |
|
|
Other assets |
|
|
264.6 |
|
|
|
268.4 |
|
|
Total assets |
|
$ |
8,881.0 |
|
|
$ |
8,895.8 |
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
Payables and accrued liabilities |
|
$ |
778.3 |
|
|
$ |
645.3 |
|
|
Debt |
|
|
2,535.3 |
|
|
|
2,535.9 |
|
|
Deferred income tax liability (net) |
|
|
464.7 |
|
|
|
476.3 |
|
|
Other liabilities |
|
|
461.7 |
|
|
|
485.7 |
|
|
Total liabilities |
|
|
4,240.0 |
|
|
|
4,143.2 |
|
|
|
|
|
|
|
|
Redeemable non-controlling
interests |
|
|
465.4 |
|
|
|
533.2 |
|
|
Equity: |
|
|
|
|
|
Common stock |
|
|
0.6 |
|
|
|
0.6 |
|
|
Additional paid-in capital |
|
|
695.5 |
|
|
|
563.9 |
|
|
Accumulated other comprehensive loss |
|
|
(203.4 |
) |
|
|
(178.3 |
) |
|
Retained earnings |
|
|
5,718.2 |
|
|
|
5,852.3 |
|
|
|
|
|
6,210.9 |
|
|
|
6,238.5 |
|
|
Less:
treasury stock, at cost |
|
|
(2,980.6 |
) |
|
|
(2,966.6 |
) |
|
Total stockholders’ equity |
|
|
3,230.3 |
|
|
|
3,271.9 |
|
|
Non-controlling interests |
|
|
945.3 |
|
|
|
947.5 |
|
|
Total equity |
|
|
4,175.6 |
|
|
|
4,219.4 |
|
|
Total liabilities and equity |
|
$ |
8,881.0 |
|
|
$ |
8,895.8 |
|
|
Notes
(1) |
Earnings per
share (diluted) adjusts for the dilutive effect of the potential
issuance of incremental shares of our common stock. |
|
|
|
We assume the settlement of all of our Redeemable
non-controlling interests using the maximum number of shares
permitted under our arrangements. The issuance of shares and the
related income acquired are excluded from the calculation if an
assumed purchase of Redeemable non-controlling interests would be
anti-dilutive to diluted earnings per share. |
|
|
|
We had junior convertible securities outstanding during the
periods presented and are required to apply the if-converted method
to these securities in our calculation of Earnings per share
(diluted). Under the if-converted method, shares that are issuable
upon conversion are deemed outstanding, regardless of whether the
securities are contractually convertible into our common stock at
that time. For this calculation, the interest expense (net of tax)
attributable to these dilutive securities is added back to Net
income (controlling interest), reflecting the assumption that the
securities have been converted. Issuable shares for these
securities and related interest expense are excluded from the
calculation if an assumed conversion would be anti-dilutive to
diluted earnings per share. |
|
|
|
The following table provides a reconciliation of the numerator
and denominator used in the calculation of basic and diluted
earnings per share: |
|
|
Three Months Ended |
|
(in millions) |
|
3/31/2022 |
|
3/31/2023 |
|
Numerator |
|
|
|
|
|
Net income (controlling interest) |
|
$ |
146.0 |
|
$ |
134.5 |
|
Income from hypothetical
settlement of Redeemable non-controlling interests, net of
taxes |
|
|
11.7 |
|
|
0.7 |
|
Interest expense on junior
convertible securities, net of taxes |
|
|
3.8 |
|
|
3.4 |
|
Net income (controlling
interest), as adjusted |
|
$ |
161.5 |
|
$ |
138.6 |
|
Denominator |
|
|
|
|
|
Average shares outstanding
(basic) |
|
|
39.7 |
|
|
35.9 |
|
Effect of dilutive
instruments: |
|
|
|
|
|
Stock options and restricted stock units |
|
|
1.2 |
|
|
2.0 |
|
Hypothetical issuance of shares to settle Redeemable
non-controlling interests |
|
|
4.0 |
|
|
0.3 |
|
Junior convertible securities |
|
|
2.0 |
|
|
1.7 |
|
Average shares outstanding
(diluted) |
|
|
46.9 |
|
|
39.9 |
|
(2) |
As supplemental information, we provide non-GAAP performance
measures of Adjusted EBITDA (controlling interest), Economic net
income (controlling interest), and Economic earnings per share.
Management utilizes these non-GAAP performance measures to assess
our performance before our share of certain non-cash expenses and
to improve comparability between periods. In the first quarter of
2023, we updated the definitions of Adjusted EBITDA (controlling
interest) and Economic net income (controlling interest) to reflect
AMG's strategic evolution, including our increased allocation of
capital toward private markets and liquid alternatives. To align
with the economic impact of these capital allocation decisions, the
updated definitions of Adjusted EBITDA (controlling interest) and
Economic net income (controlling interest): i) include only the
realized economic gains and losses on seed capital, general partner
commitments, and other strategic investments and ii) exclude any
unrealized gains and losses on strategic investments (consistent
with the existing treatment of seed capital and general partner
commitments). We have retroactively applied this definition change
to prior periods. The table below shows the impact on the years
ended December 31, 2020, 2021, and 2022, as well as the three
months ended March 31, 2022. Periods prior to 2020 were also
affected by this definition change, none of which were material in
any calendar year. |
|
|
Year Ended December 31, |
|
Three Months Ended |
(in millions) |
|
|
2020 |
|
|
|
2021 |
|
|
|
2022 |
|
|
3/31/2022 |
Adjusted EBITDA (controlling interest) - As reported |
|
$ |
795.3 |
|
|
$ |
1,045.6 |
|
|
$ |
1,053.8 |
|
|
$ |
240.0 |
|
Adjusted EBITDA (controlling
interest) - Prior definition |
|
|
798.8 |
|
|
|
1,058.6 |
|
|
|
1,060.3 |
|
|
|
255.3 |
|
Change |
|
$ |
(3.5 |
) |
|
$ |
(13.0 |
) |
|
$ |
(6.5 |
) |
|
$ |
(15.3 |
) |
% Change |
|
(0.4)% |
|
(1.2)% |
|
(0.6)% |
|
(6.0)% |
|
|
|
|
|
|
|
|
|
Economic net income
(controlling interest) - As reported |
|
$ |
621.7 |
|
|
$ |
770.0 |
|
|
$ |
797.2 |
|
|
$ |
178.5 |
|
Economic net income
(controlling interest) - Prior definition |
|
|
624.4 |
|
|
|
779.8 |
|
|
|
802.1 |
|
|
|
190.0 |
|
Change |
|
$ |
(2.7 |
) |
|
$ |
(9.8 |
) |
|
$ |
(4.9 |
) |
|
$ |
(11.5 |
) |
% Change |
|
(0.4)% |
|
(1.3)% |
|
(0.6)% |
|
(6.1)% |
|
|
|
|
|
|
|
|
|
Economic earnings per share -
As reported |
|
$ |
13.30 |
|
|
$ |
18.05 |
|
|
$ |
20.02 |
|
|
$ |
4.36 |
|
Economic earnings per share -
Prior definition |
|
|
13.36 |
|
|
|
18.28 |
|
|
|
20.14 |
|
|
|
4.65 |
|
Change |
|
$ |
(0.06 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.29 |
) |
% Change |
|
(0.4)% |
|
(1.3)% |
|
(0.6)% |
|
(6.2)% |
See our Q1 2023
investor presentation accessed via AMG’s website at
https://ir.amg.com/ for a reconciliation of these non-GAAP
financial measures for the years ended December 31, 2020, 2021, and
2022. |
|
Adjusted
EBITDA (controlling interest) represents our performance before our
share of interest expense, income and certain non-income based
taxes, depreciation, amortization, impairments, gains and losses
related to the BPEA Transaction, and non-cash items such as certain
Affiliate equity activity, gains and losses on our contingent
payment obligations, and unrealized gains and losses on seed
capital, general partner commitments, and other strategic
investments. Adjusted EBITDA (controlling interest) is also
adjusted to include realized economic gains and losses related to
these seed capital, general partner commitments, and other
strategic investments. We believe that many investors use this
non-GAAP measure when assessing the financial performance of
companies in the investment management industry. |
|
|
|
Under our Economic net income (controlling interest)
definition, we adjust Net income (controlling interest) for our
share of pre-tax intangible amortization and impairments (including
the portion attributable to equity method investments in
Affiliates), deferred taxes related to intangible assets, gains and
losses related to the BPEA Transaction, net of tax, and other
economic items which include gains and losses related to contingent
payment obligations, tax windfalls and shortfalls from share-based
compensation, certain Affiliate equity activity, unrealized gains
and losses on seed capital, general partner commitments, and other
strategic investments, and realized economic gains and losses
related to these seed capital, general partner commitments, and
other strategic investments. Economic net income (controlling
interest) is used by management and our Board of Directors as our
principal performance benchmark, including as one of the measures
for aligning executive compensation with stockholder value. |
|
|
|
Economic earnings per share represents Economic net income
(controlling interest) divided by the Average shares outstanding
(adjusted diluted). In this calculation, we exclude the potential
shares issued upon settlement of Redeemable non-controlling
interests from Average shares outstanding (adjusted diluted)
because we intend to settle those obligations without issuing
shares, consistent with all prior Affiliate equity purchase
transactions. The potential share issuance in connection with our
junior convertible securities is measured using a “treasury stock”
method. Under this method, only the net number of shares of common
stock equal to the value of the junior convertible securities in
excess of par, if any, are deemed to be outstanding. We believe the
inclusion of net shares under a treasury stock method best reflects
the benefit of the increase in available capital resources (which
could be used to repurchase shares of our common stock) that occurs
when these securities are converted and we are relieved of our debt
obligation. |
|
|
|
The following table provides a reconciliation of Average shares
outstanding (adjusted diluted): |
|
|
Three Months Ended |
|
(in millions) |
|
3/31/2022 |
|
3/31/2023 |
|
Average shares outstanding (diluted) |
|
46.9 |
|
|
39.9 |
|
|
Hypothetical issuance of shares to settle Redeemable
non-controlling interests |
|
(4.0 |
) |
|
(0.3 |
) |
|
Junior convertible securities |
|
(2.0 |
) |
|
(1.7 |
) |
|
Average shares outstanding
(adjusted diluted) |
|
40.9 |
|
|
37.9 |
|
|
|
These non-GAAP performance measures are provided in addition to,
but not as a substitute for, Net income (controlling interest),
Earnings per share, or other GAAP performance measures. For
additional information on our non-GAAP measures, see our most
recent Annual and Quarterly Reports on Form 10-K and 10-Q,
respectively, which are accessible on the SEC’s website at
www.sec.gov. |
|
|
(3) |
The following table presents
equity method earnings and equity method intangible amortization
and impairments, which in aggregate form Equity method income
(net): |
|
|
Three Months Ended |
|
(in millions) |
|
3/31/2022 |
|
3/31/2023 |
|
Equity method earnings |
|
$ |
71.9 |
|
|
$ |
79.5 |
|
|
Equity method intangible
amortization and impairments |
|
|
(23.3 |
) |
|
|
(20.9 |
) |
|
Equity method income (net) |
|
$ |
48.6 |
|
|
$ |
58.6 |
|
|
(4) |
For the three months ended March 31, 2023, gains on ordinary shares
of EQT AB ("EQT"), a public company listed on Nasdaq Stockholm
(EQT.ST), were $21.6 million and $16.3 million on a pre- and
post-tax basis, respectively. We received the EQT shares through
the sale of our equity interest in Baring Private Equity Asia
(“BPEA”), in connection with the strategic combination of BPEA and
EQT, which was completed in the fourth quarter of 2022 (the “BPEA
Transaction”). |
|
|
Forward-Looking Statements and Other
Matters
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. These statements include, but are not limited to,
statements related to our expectations regarding the performance of
our business, our financial results, our liquidity and capital
resources, and other non-historical statements. You can identify
these forward-looking statements by the use of words such as
“outlook,” “guidance,” “believes,” “expects,” “potential,”
"preliminary," “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “projects,” “positioned,” “prospects,”
“intends,” “plans,” “estimates,” “pending investments,”
“anticipates,” or the negative version of these words or other
comparable words. Actual results and the timing of certain events
could differ materially from those projected in or contemplated by
the forward-looking statements due to a number of factors,
including changes in the securities or financial markets or in
general economic conditions, pandemics and related changes in the
global economy, capital markets and the asset management industry,
the availability of equity and debt financing, competition for
acquisitions of interests in investment management firms,
uncertainties relating to closing of pending investments or
transactions and potential changes in the anticipated benefits
thereof, the investment performance and growth rates of our
Affiliates and their ability to effectively market their investment
strategies, the mix of Affiliate contributions to our earnings, and
other risks, uncertainties, and assumptions, including those
described under the section entitled “Risk Factors” in our most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. Such factors may be updated from time to time in our periodic
filings with the SEC. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in our
filings with the SEC. We undertake no obligation to publicly update
or review any forward-looking statements, whether as a result of
new information, future developments, or otherwise, except as
required by applicable law.
From time to time, AMG may use its website as a distribution
channel of material Company information. AMG routinely posts
financial and other important information regarding the Company in
the Investor Relations section of its website at www.amg.com and
encourages investors to consult that section regularly.
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