Affiliated Managers reports Q2 economic EPS $4.45, consensus $4.23

Reports Q2 revenue $512.5M, consensus $539.59M. Jay Horgen, President and Chief Executive Officer of AMG, said: “In the second quarter, AMG reported an increase of 10% in Economic Earnings per share relative to the year-ago quarter, reflecting the disciplined execution of our capital allocation strategy across both growth investments and share repurchases. AMG’s focus on investing in areas of secular demand continues to diversify and enhance the long-term growth prospects of our business. Recently, we announced our partnership with Forbion, a leading European venture capital and growth equity firm, broadening our participation in both private markets and life sciences, a fast-growing sector with increasing client allocations. AMG’s unique approach continues to resonate with the highest quality independent firms as they seek a strategic, engaged partner that can enhance their long-term growth potential. Given the increasing demand for our solution set in a favorable transaction environment, we see a significant opportunity to establish new partnerships. Our excellent capital position – which will be further enhanced by the proceeds from the recently announced Veritable transaction – and distinct competitive advantages, honed over 30 years, continue to differentiate AMG. We remain confident in our ability to generate significant additional shareholder value over time, as we invest in new and existing Affiliates while also returning excess capital to shareholders within our disciplined capital allocation framework.”