Affiliated Managers reports Q3 economic EPS $4.08, consensus $3.75

Reports Q3 revenue $525.2M, consensus $509.43M. Jay Horgen, President and CEO of AMG, said: “AMG reported Economic Earnings per share of $4.08 for the third quarter, reflecting the disciplined execution of our capital allocation strategy across both growth investments and share repurchases. AMG’s focus on investing in secular growth areas continues to diversify our business, and has enhanced our ability to deliver stable earnings during periods of macroeconomic uncertainty. With our recent investments in Ara Partners and Forbion, AMG’s eight dedicated private markets Affiliates manage more than $100 billion in aggregate client assets across a range of specialized in-demand strategies, and their fundraising momentum has remained strong with approximately $7 billion raised in 2023 to date, and approximately $10 billion pro forma for our recent new investments. More broadly, our Affiliates manage approximately $230 billion in alternatives, across diversifying return streams that investors increasingly view as critical for achieving long-term investment objectives. Clients recognize that the highest-quality independent partner-owned firms have fundamental competitive advantages in offering differentiated return streams. As owners of their businesses, our Affiliates are directly aligned with their clients and have distinct entrepreneurial cultures and track records navigating challenging market environments to deliver superior outcomes to clients. AMG’s unique approach continues to attract outstanding firms seeking a strategic partner that can magnify their long-term success. Looking ahead, we remain focused on executing our growth strategy, and, given the quality and diversity of our Affiliates, our excellent capital position, and distinctive competitive advantages, AMG is well-positioned to create meaningful incremental shareholder value over time.”