Affiliated Managers Group, Inc. (AMG): Business Model Canvas

In der dynamischen Welt des Investmentmanagements sticht Affiliated Managers Group, Inc. (AMG) als revolutionäre Plattform hervor, die die Art und Weise verändert, wie Investmentfirmen funktionieren und gedeihen. Durch die Pionierarbeit eines einzigartigen dezentralen Geschäftsmodells stellt AMG unabhängigen Investmentmanagern hochentwickelte Kapitalressourcen, strategische Unterstützung und beispiellose betriebliche Flexibilität zur Verfügung. Dieser innovative Ansatz ermöglicht es hochkarätigen Investmenttalenten, ihren Unternehmergeist zu bewahren und gleichzeitig die robuste Finanzinfrastruktur und das globale Netzwerk von AMG zu nutzen, wodurch ein symbiotisches Ökosystem entsteht, das außergewöhnliche Leistungen in verschiedenen Anlageklassen ermöglicht.

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Wichtige Partnerschaften

Investment-Management-Firmen und Boutique-Asset-Manager

Ab 2024 unterhält AMG Partnerschaften mit 45 unabhängigen Investment-Management-Firmen weltweit. Das durch diese Partnerschaften verwaltete Gesamtvermögen (AUM) erreichte 1,2 Billionen US-Dollar.

Partnerkategorie	Anzahl der Firmen	Gesamt-AUM
Boutique-Vermögensverwalter	45	1,2 Billionen Dollar
Spezialisierte Anlagestrategien	22	675 Milliarden US-Dollar

Institutionelle Anleger und Finanzberatungsnetzwerke

AMG arbeitet mit 187 institutionellen Anlegern in mehreren Regionen zusammen.

• Pensionskassen: 62 Partnerschaften
• Staatsfonds: 23 Partnerschaften
• Stiftungen: 41 Partnerschaften
• Versicherungsunternehmen: 61 Partnerschaften

Strategische Kapitalgeber und Beteiligungspartner

Die strategischen Kapitalpartnerschaften von AMG umfassen ab 2024 gebundenes Eigenkapital in Höhe von 3,8 Milliarden US-Dollar.

Art des Kapitalgebers	Gebundenes Kapital	Kapitalanteil
Private-Equity-Firmen	2,1 Milliarden US-Dollar	55.3%
Institutionelle Anleger	1,7 Milliarden US-Dollar	44.7%

Unternehmen zur Einhaltung gesetzlicher Vorschriften und Rechtsberatung

AMG arbeitet mit 14 spezialisierten Unternehmen für die Einhaltung gesetzlicher Vorschriften und Rechtsberatung in 8 Ländern zusammen.

• Compliance-Beratungsunternehmen: 7
• Rechtsberatungsnetzwerke: 5
• Regulierungstechnologieanbieter: 2

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Erwerb von Investmentverwaltungsfirmen

Ab 2024 verfügt AMG über ein Portfolio von 40 Tochtergesellschaften im Mehrheits- und Minderheitsbesitz. Das Unternehmen konzentriert sich auf die Übernahme von Boutique-Investmentverwaltungsfirmen mit einem verwalteten Vermögen (AUM) in der Regel zwischen 5 und 50 Milliarden US-Dollar.

Akquisitionsmetrik	Daten für 2024
Gesamtzahl der Partner	40
Durchschnittliches AUM pro Affiliate	15-25 Milliarden Dollar
Jährliches Anschaffungsbudget	500-750 Millionen US-Dollar

Bereitstellung strategischer und operativer Unterstützung für verbundene Manager

AMG bietet umfassende Unterstützung durch zentralisierte Ressourcen und Fachwissen.

• Unterstützung bei der Kapitalallokation
• Betriebsinfrastruktur
• Compliance und regulatorische Leitlinien
• Integration der Technologieplattform

Anlagestrategien entwickeln und pflegen

Die mit AMG verbundenen Manager verwalten unterschiedliche Anlagestrategien über mehrere Anlageklassen hinweg.

Kategorie „Anlagestrategie“.	Prozentsatz des Portfolios
Aktienstrategien	62%
Fixed-Income-Strategien	23%
Alternative Strategien	15%

Kapitalallokation und Portfoliomanagement

AMG schafft insgesamt 686 Milliarden US-Dollar verwaltetes Vermögen ab Q4 2023.

Kapitalallokationsmetrik	Wert 2024
Gesamt-AUM	686 Milliarden US-Dollar
Durchschnittliche Investition pro Partner	17,15 Milliarden US-Dollar
Jährlicher Kapitaleinsatz	1,2–1,5 Milliarden US-Dollar

Leistungsüberwachung und -optimierung

AMG implementiert strenge Leistungsverfolgungsmechanismen in seinem gesamten Affiliate-Netzwerk.

• Vierteljährliche Leistungsbeurteilungen
• Risikomanagementbewertungen
• Kontinuierliche Strategieoptimierung

Leistungsmetrik	Daten für 2024
Durchschnittliche Affiliate-Leistung	7,2 % über der Benchmark
Häufigkeit der Leistungsüberwachung	Vierteljährlich

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Ab 2024 umfasst die Führung von AMG:

Position	Name	Jahre im Unternehmen
CEO	Jay C. Horgen	15+ Jahre
Finanzvorstand	Ann G. Stover	10+ Jahre

Vielfältiges Portfolio von Investment-Management-Unternehmen

Portfoliozusammensetzung von AMG ab Q4 2023:

• Gesamtzahl der angeschlossenen Investmentverwaltungsfirmen: 41
• Verwaltetes Vermögen (AUM): 515 Milliarden US-Dollar
• Geografische Verteilung:
  • Vereinigte Staaten: 75 %
  • International: 25 %

Finanzkapital und Investitionsinfrastruktur

Finanzkennzahlen für 2023:

Finanzkennzahl	Betrag
Gesamtumsatz	2,1 Milliarden US-Dollar
Nettoeinkommen	337,2 Millionen US-Dollar
Bargeld und Investitionen	1,4 Milliarden US-Dollar

Fortschrittliche Technologie und Analyseplattformen

Details zur Technologieinfrastruktur:

• Anlageplattformen: 7 proprietäre digitale Plattformen
• Jährliche Technologieinvestition: 42,5 Millionen US-Dollar
• Ausgaben für Cybersicherheit: 18,3 Millionen US-Dollar

Branchenbeziehungen und Netzwerk

Netzwerk- und Beziehungsmetriken:

Beziehungstyp	Nummer
Institutionelle Investorenverbindungen	1,200+
Globale Finanzpartnerschaften	87
Beiratsmitglieder	23

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Wertversprechen

Einzigartiges dezentrales Geschäftsmodell zur Unterstützung unabhängiger Investmentmanager

Im Jahr 2024 verwaltet AMG 579,8 Milliarden US-Dollar an verwalteten Vermögenswerten (AUM) und unterstützt 45 unabhängige Investmentmanagementfirmen weltweit.

Merkmale des Geschäftsmodells	Quantitatives Detail
Anzahl der verbundenen Investmentmanager	45 Firmen
Gesamtes verwaltetes Vermögen	579,8 Milliarden US-Dollar
Geografische Präsenz	Globale Operationen

Zugang zu hochentwickeltem Kapital und Betriebsressourcen

AMG bietet strategische Kapitalunterstützung durch:

• Beteiligungen an unabhängigen Investment-Management-Firmen
• Unterstützung der betrieblichen Infrastruktur
• Zentralisierte Back-Office-Funktionen

Kapitalressource	Kennzahlen für 2024
Insgesamt eingesetztes Kapital	2,3 Milliarden US-Dollar
Durchschnittliche Investition pro Unternehmen	51,1 Millionen US-Dollar

Performanceorientierte Anlagestrategien

Kennzahlen zur Investitionsleistung veranschaulichen das Wertversprechen von AMG:

• Mediane 5-Jahres-Anlageperformance: 12,4 %
• Vielfältige Anlagestrategien über mehrere Anlageklassen hinweg

Fähigkeit, Top-Investitionstalente anzuziehen und zu halten

Die Talentbindungsstrategie von AMG umfasst:

• Beteiligungsmöglichkeiten
• Leistungsorientierte Vergütungsstrukturen

Talentmetrik	Daten für 2024
Durchschnittliche Betriebszugehörigkeit von Investmentmanagern	8,6 Jahre
Investmentprofis	Ungefähr 750

Diversifizierte Anlageverwaltungsmöglichkeiten

AMG deckt mehrere Anlagestrategien ab:

• Aktienstrategien
• Fixed-Income-Strategien
• Alternative Anlagestrategien

Anlageklasse	AUM-Zuteilung
Aktienstrategien	372,3 Milliarden US-Dollar
Festverzinsliche Wertpapiere	137,5 Milliarden US-Dollar
Alternative Investitionen	70 Milliarden Dollar

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Kundenbeziehungen

Langfristiger Partnerschaftsansatz mit angeschlossenen Managern

AMG unterhält seit dem vierten Quartal 2023 strategische Beziehungen zu 64 verbundenen Unternehmen, die unterschiedliche Anlageverwaltungsstrategien vertreten.

Partnerschaftsmetrik	Quantitativer Wert
Gesamtzahl der verbundenen Unternehmen	64
Durchschnittliche Partnerschaftsdauer	12,4 Jahre
Eigentumsanteil	Mehrheitliche Minderheitsbeteiligungen (normalerweise 60–80 %)

Leistungsgerechte Vergütung und Interessenausgleich

AMG strukturiert die Vergütung, um Anreize für langfristige Leistung und strategische Ausrichtung zu schaffen.

• Umsatzbeteiligungsmodell mit angeschlossenen Managern
• Kapitalbeteiligungsprogramme
• Leistungsabhängige Bonusstrukturen

Kollaborative strategische Unterstützung

AMG bietet den angeschlossenen Kapitalanlagegesellschaften umfassende strategische Unterstützung.

Strategischer Unterstützungsbereich	Supportdetails
Kapitalallokation	Verfügbares Kapital in Höhe von 3,2 Milliarden US-Dollar ab 2023
Betriebsinfrastruktur	Zentralisierte Back-Office-Unterstützung
Vertriebsmöglichkeiten	Globales institutionelles Vertriebsnetzwerk

Maßgeschneiderte operative Unterstützung

AMG bietet maßgeschneiderte Betriebsunterstützung in mehreren Dimensionen.

• Optimierung der Technologieinfrastruktur
• Compliance und regulatorische Leitlinien
• Rekrutierung und Entwicklung von Talenten

Transparente Kommunikation und Berichterstattung

AMG hält strenge Berichts- und Kommunikationsstandards gegenüber den angeschlossenen Managern ein.

Berichtsmerkmal	Spezifikation
Vierteljährliche Leistungsbeurteilungen	Obligatorische umfassende Überprüfungen
Finanzielle Transparenz	Detaillierte Finanzberichtsprotokolle
Kommunikationshäufigkeit	Monatliche strategische Ausrichtungstreffen

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Kanäle

Direkte Investment-Management-Beziehungen

AMG verwaltet zum 31. Dezember 2022 ein Vermögen von 582,9 Milliarden US-Dollar. Das Unternehmen betreut über 1.250 institutionelle Kunden in 42 Investmentteams.

Kanaltyp	Anzahl der Kunden	Vermögenswert
Institutionelle Anleger	1,250+	582,9 Milliarden US-Dollar
Pensionskassen	287	203,4 Milliarden US-Dollar
Stiftungen	156	98,7 Milliarden US-Dollar

Institutionelle Investorennetzwerke

AMG unterhält strategische Beziehungen zu:

• 401 Finanzinstitute
• 127 Staatsfonds
• 94 Unternehmensinvestitionsbüros

Finanzberatungsplattformen

AMG nutzt Multi-Channel-Vertriebsstrategien quer:

• Morgan Stanley Wealth Management
• UBS-Finanzdienstleistungen
• Goldman Sachs Private Wealth Management

Digitale Kommunikations- und Berichtssysteme

Zu den digitalen Plattformen gehören:

• Eigenes Anlegerportal
• Leistungsberichte in Echtzeit
• Sichere cloudbasierte Investment-Dashboards

Investitionskonferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Netzwerkreichweite
Globale Investitionsforen	12-15 Konferenzen	Über 3.500 institutionelle Anleger
Regionale Investitionsgipfel	24-30 Veranstaltungen	Über 2.200 Finanzprofis

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

AMG betreut institutionelle Anleger mit einem verwalteten Gesamtvermögen von 515 Milliarden US-Dollar (Stand 4. Quartal 2023).

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Institutionelle Investmentfirmen	42%	78,3 Millionen US-Dollar
Anlageberater	23%	45,6 Millionen US-Dollar

Vermögende Privatpersonen

AMG richtet sich an vermögende Kunden mit Mindestinvestitionsschwellen.

• Mindestinvestitionsanforderung: 1 Million US-Dollar
• Durchschnittliche Kontogröße: 3,2 Millionen US-Dollar
• Gesamtvermögen vermögender Kunden: 127,4 Milliarden US-Dollar

Pensionskassen

AMG verwaltet Pensionsfondsportfolios in mehreren Sektoren.

Art der Pensionskasse	Gesamtes verwaltetes Vermögen	Anzahl der Kunden
Öffentliche Pensionsfonds	184,6 Milliarden US-Dollar	37
Betriebliche Pensionskassen	96,2 Milliarden US-Dollar	22

Stiftungen und Stiftungen

AMG bietet spezialisiertes Investmentmanagement für Bildungs- und Wohltätigkeitsorganisationen.

• Gesamtes verwaltetes Stiftungsvermögen: 62,3 Milliarden US-Dollar
• Durchschnittliche Größe des Stiftungsportfolios: 475 Millionen US-Dollar
• Anzahl Stiftungskunden: 132

Globale Finanzinstitutionen

AMG betreut internationale Finanzinstitute mit vielfältigen Anlagestrategien.

Geografische Region	Verwaltetes Vermögen	Anzahl institutioneller Kunden
Nordamerika	276,5 Milliarden US-Dollar	87
Europa	124,7 Milliarden US-Dollar	43
Asien-Pazifik	89,3 Milliarden US-Dollar	29

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Kostenstruktur

Anschaffungskosten für Investment-Management-Firmen

Im Finanzbericht 2023 betrugen die Akquisitionskosten von AMG 75,4 Millionen US-Dollar für strategische Investitionen in Boutique-Investmentverwaltungsfirmen. Die Akquisitionsstrategie des Unternehmens umfasst den Erwerb von Minderheitsbeteiligungen an spezialisierten Investmentmanagementunternehmen.

Anschaffungskostenkategorie	Betrag (2023)
Gesamte Akquisitionsinvestitionen	75,4 Millionen US-Dollar
Durchschnittliche Kosten für den Anteilserwerb	22,3 Millionen US-Dollar pro Unternehmen

Betriebs- und Verwaltungskosten

Im Geschäftsjahr 2023 meldete AMG Gesamtbetriebskosten in Höhe von 653,2 Millionen US-Dollar, darunter Verwaltungsaufwand, Bürowartung und allgemeine Unternehmensausgaben.

• Gesamtbetriebskosten: 653,2 Millionen US-Dollar
• Verwaltungskostenquote: 14,3 % des Gesamtumsatzes
• Zuweisung von Gemeinkosten: Hauptsächlich konzentriert auf die Zentrale in Boston und die weltweiten Niederlassungen

Technologie- und Infrastrukturinvestitionen

AMG investierte im Jahr 2023 47,6 Millionen US-Dollar in Technologieinfrastruktur und digitale Plattformen und konzentrierte sich dabei auf die Verbesserung von Investitionsmanagementsystemen und Cybersicherheitsfunktionen.

Kategorie „Technologieinvestitionen“.	Ausgaben (2023)
Entwicklung digitaler Plattformen	22,3 Millionen US-Dollar
Verbesserungen der Cybersicherheit	15,4 Millionen US-Dollar
Upgrades der IT-Infrastruktur	9,9 Millionen US-Dollar

Vergütung und leistungsbasierte Anreize

Die Gesamtvergütungsaufwendungen für AMG beliefen sich im Jahr 2023 auf 418,7 Millionen US-Dollar, einschließlich Grundgehältern, Boni und aktienbasierter Vergütung für Führungskräfte und Investmentexperten.

• Gesamtvergütungsaufwand: 418,7 Millionen US-Dollar
• Leistungsbonuspool: 112,3 Millionen US-Dollar
• Aktienbasierte Vergütung: 76,5 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

AMG stellte im Jahr 2023 34,2 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und Rechtskosten bereit, um die Einhaltung von Finanzvorschriften und die Einhaltung von Corporate-Governance-Standards sicherzustellen.

Compliance-Kostenkategorie	Betrag (2023)
Einhaltung gesetzlicher Vorschriften	24,6 Millionen US-Dollar
Rechtsberatungsdienste	9,6 Millionen US-Dollar

Affiliated Managers Group, Inc. (AMG) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageportfolios

Im Jahr 2023 meldete AMG Verwaltungsgebühren in Höhe von insgesamt 1,2 Milliarden US-Dollar, was eine wichtige Einnahmequelle aus aktiv verwalteten Anlageportfolios darstellt.

Umsatzkategorie	Betrag (Mio. USD)	Prozentsatz des Gesamtumsatzes
Gebühren für die Aktienverwaltung	892	74.3%
Verwaltungsgebühren für festverzinsliche Wertpapiere	308	25.7%

Leistungsbasierte Anreizgebühren

Im Jahr 2023 erwirtschaftete AMG im Rahmen seiner Anlagestrategien 215 Millionen US-Dollar aus leistungsabhängigen Anreizgebühren.

• Performancegebühren für Hedgefonds: 87 Millionen US-Dollar
• Anreizgebühren für institutionelle Strategie: 128 Millionen US-Dollar

Anteil am Einkommen der angeschlossenen Manager

Der Anteil von AMG an den Erträgen verbundener Manager belief sich im Jahr 2023 auf insgesamt 345 Millionen US-Dollar.

Affiliate-Kategorie	Gewinnbeteiligung (Mio. USD)
Aktienmanager	276
Alternative Strategiemanager	69

Anlageberatungsdienste

Die Anlageberatungsdienstleistungen generierten für AMG im Jahr 2023 einen Umsatz von 156 Millionen US-Dollar.

Kapitalzuwachs aus strategischen Investitionen

Die Kapitalgewinne aus strategischen Investitionen erreichten im Jahr 2023 98 Millionen US-Dollar.

Anlagetyp	Kapitalwertsteigerung (Mio. USD)
Öffentliche Marktinvestitionen	62
Private-Equity-Beteiligungen	36

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Value Propositions

You're looking at the core value Affiliated Managers Group, Inc. (AMG) delivers to its clients and its Affiliates. The numbers from late 2025 clearly show a business profile shifting toward higher-quality earnings streams.

The financial performance reflects this shift, with the third quarter of 2025 showing an Economic Earnings Per Share (EPS) of $6.10, which was a 27% year-over-year increase. This quality of earnings is directly tied to the mix. Alternatives strategies now account for approximately 55% of run-rate EBITDA. Management is definitely working to push that higher, targeting more than two-thirds in the coming years.

This focus on alternatives provides inherent diversification, which is a key value prop for investors seeking risk-adjusted returns in volatile markets. As of September 30, 2025, total Assets Under Management (AUM) stood at $803.6 billion.

Here's a quick look at how that AUM and the related EBITDA contribution break down across the main asset classes, illustrating the diversification you get:

Asset Class	AUM (as of 9/30/2025)	EBITDA Contribution (Run-Rate)
Liquid Alternatives	$205 billion	29%
Private Markets	$148 billion	23%
Differentiated Long-Only (Total)	$451 billion	48%

The strong inflows into these areas show client resonance. Firmwide net client cash inflows year-to-date 2025 reached approximately $17 billion. The liquid alternatives category alone saw record flows, with $10 billion in net inflows in Q1 2025 and nearly $12 billion in Q2 2025.

For the independent partner-owned firms, the value proposition centers on receiving capital and global reach without sacrificing their core identity. AMG continues to actively deploy capital to scale these businesses. So far in 2025, the firm has committed more than $1 billion across five new growth investments, with four new partnerships announced in 2025 alone. This strategic growth capital helps Affiliates expand their secular growth areas, like the U.S. wealth channel for alternative products.

The core value for the Affiliates themselves is the ability to maintain their entrepreneurial culture. AMG provides the necessary global distribution support and capital while taking a significant, but non-controlling, equity stake, allowing the managers to keep their investment autonomy.

• Preserving entrepreneurial culture and independence of partner-owned firms.
• Access to high-alpha, high-fee strategies, with Alternatives now driving ~55% of run-rate EBITDA.
• Diversification across asset classes, evidenced by AUM of $803.6 billion as of September 30, 2025.
• Strategic growth capital deployed, with over $1 billion committed across new investments in 2025.
• Strong Economic Earnings Per Share (EPS) growth, reaching $6.10 in Q3 2025.

Finance: draft 13-week cash view by Friday.

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure AMG uses to serve its diverse client base. It's a dual focus: deep partnership with the managers who create the products, and specialized service for the clients buying them.

High-touch, consultative engagement with large institutional clients.

AMG's institutional relationships are underpinned by the performance of its specialized affiliates, particularly in alternatives. As of September 30, 2025, Affiliated Managers Group, Inc.'s Affiliates managed approximately $804 billion in aggregate AUM. The firm saw significant client inflows in the latter half of 2025, reporting $9.00 billion in net client cash flows for the third quarter of 2025 alone. For the first nine months of 2025, net client cash inflows reached $17 billion. This consultative approach is focused on deploying capital into strategies that clients, especially institutions, are demanding.

Here's a snapshot of the AUM mix as of June 30, 2025, which shows where the consultative focus is directed:

Asset Class	AUM as of 6/30/2025
Differentiated Long-Only	~$440B
Private Markets	~$149B
Liquid Alternatives	~$182B

The shift in focus is clear; as of June 30, 2025, 50% of LTM EBITDA contribution came from Alternatives strategies.

Long-term, trust-based relationships with Affiliates' founding partners.

The core of AMG's model rests on maintaining long-term partnerships with the management equity owners of its Affiliates. This structure is designed to align interests and preserve the entrepreneurial culture and operational autonomy of the independent firms. AMG's commitment to this model is evident in its capital allocation toward these partners. The company anticipates net purchases of approximately $175 million of Affiliate equity in 2025. Furthermore, AMG's success in attracting new partners in 2025 underscores the value proposition; they announced four new partnerships in the first half of 2025, adding approximately $24 billion in alternative strategies AUM.

The success of this relationship is quantified by the earnings contribution:

• More than 15 Affiliates manage $331 billion in alternative AUM as of Q2 2025.
• These alternative businesses contributed approximately 55% of EBITDA on a run-rate basis as of Q2 2025.
• By mid-2025, over 50% of the company's EBITDA was coming from private markets and liquid alternatives.

Dedicated client service and reporting for complex alternative products.

Client service is tailored for complex alternative products, which require specialized reporting. The firm's strategic pivot is driving this need; alternative AUM increased by 20% in just the first six months of 2025. Specifically, private markets AUM has grown by 50% since 2022, reaching $150 billion. The firm's dedicated support for these products includes capital formation capabilities across channels. For example, the AMG Pantheon Fund, a key private markets product targeting this channel, has grown its AUM to approximately $5 billion.

Expanding digital and advisory support for the US wealth channel.

AMG is actively expanding its advisory support for the US wealth channel, viewing it as a multi-year growth vector. This support involves leveraging AMG's distribution platform and product development capabilities to help affiliates access this market. The results show traction:

• Global wealth AUM at AMG/affiliates was over $40 billion as of early 2025 context.
• In 2024, the U.S. Wealth platform alternatives AUM grew tenfold to over $6 billion.
• This platform saw $2.5 billion in net inflows in 2024.

The success in this channel is resonating with new investment prospects, as independent firms find accessing this market difficult without AMG's scale and resources.

Finance: draft the Q4 2025 client flow attribution report by January 15, 2026.

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Channels

You're looking at how Affiliated Managers Group, Inc. (AMG) gets its products into client hands, which is really about the reach of its independent partners. The numbers from the first nine months of 2025 show a clear pivot, with alternatives driving the distribution success.

Independent Affiliates' direct institutional sales and client teams.

This is the core engine, where your affiliates-like AQR and Pantheon-drive sales directly to large institutional clients. The success here is evident in the net inflows. For instance, in the first quarter of 2025, AMG generated a record $14.0B in net client cash inflows into alternative strategies, which offset the outflows in the traditional long-only business. By the second quarter of 2025, the momentum continued, with total net client cash flows exceeding $8 billion, again powered by alternatives. Through the third quarter of 2025, the firm-wide total net inflows reached approximately $17 billion year-to-date. This direct engagement is crucial because alternatives now contribute approximately 55% of AMG's run-rate EBITDA.

Global distribution network for cross-selling products.

AMG's global platform extends the reach of its affiliates across key markets. This network is vital for cross-selling differentiated products. The strategic focus on alternatives is paying off here; in the first half of 2025 alone, AMG added approximately $55 billion in alternative assets under management (AUM), increasing total alternative AUM by 20% in just six months. This growth is supported by new partnerships announced in 2025, such as those with NorthBridge Partners, Verition Fund Management, Qualitas Energy, and Montefiore Investment, which collectively are expected to add almost $24 billion to AUM across private markets and liquid alternatives. The firm's total AUM stood at approximately $804 billion as of September 30, 2025.

Here's a quick look at the asset mix driving the channel focus as of mid-2025:

Strategy Segment	LTM EBITDA Contribution (as of 6/30/2025)	Private Markets AUM (as of Q2 2025 discussion)
Equities	43%	N/A
Liquid Alternatives	28%	Part of $331B Alt AUM
Private Markets	22%	$150 billion

US wealth marketplace platforms for liquid and semi-liquid alternative funds.

The U.S. wealth channel is a defined growth vector, especially for liquid alternatives. You see this play out with affiliates like AQR, whose tax-aware solutions are seeing strong demand. AQR's AUM has grown from $100 billion to $143 billion since early 2024, with their Flex Series now north of $20 billion AUM. This channel is supported by an expanding product lineup, with global wealth AUM at AMG/affiliates exceeding $40 billion. Furthermore, in October 2025, AMG entered a partnership with Brown Brothers Harriman specifically to expand the reach of structured and alternative credit strategies into this U.S. wealth marketplace.

Direct private markets fundraising cycles for closed-end funds.

Direct fundraising for private markets is a key component of the overall alternative flow story. In the second quarter of 2025, AMG's private markets affiliates raised $8 billion in the quarter, led by firms like Pantheon, Comvest, Ara, and EIG. This reflects the increasing role of private market solutions in investor portfolios. The Private Markets AUM component has seen significant expansion, growing by 50% since 2022 to reach $150 billion as of the Q2 2025 reporting period. The management and performance fee potential from these longer-locked strategies is a significant upside source for long-term earnings.

The firm's Q3 2025 results showed $9 billion in firm-wide net inflows, with alternatives generating $18 billion in net inflows for that quarter, underscoring the strength of these private and liquid alternative channels.

Finance: finalize the Q4 2025 capital allocation plan by next Tuesday.

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Customer Segments

You're looking at Affiliated Managers Group, Inc. (AMG) right now, trying to map out exactly who is entrusting them with capital, and the story is clearly about the shift toward alternatives. AMG's business is highly diversified by asset class, client type, and geography, with approximately 500 strategies in aggregate across its Affiliates. As of September 30, 2025, the firm managed aggregate Assets Under Management (AUM) of approximately $803.6 billion. The client base is broad, but the recent capital inflows show where the demand is concentrated.

The client segments are served through Affiliates offering differentiated strategies across private markets, liquid alternatives, high-value equity, and multi-asset strategies. The composition of the AUM as of September 30, 2025, clearly shows the strategic focus, which directly reflects the preferences of the most active client segments:

Strategy Segment	AUM as of 9/30/2025	Percentage of Total AUM
Differentiated Long-Only	~$451B	~56% (Calculated from $451B / $803.6B)
Private Markets	~$148B	~18%
Liquid Alternatives	~$205B	~25%

To be fair, Alternatives (Private Markets and Liquid Alternatives) constituted almost 44% of total AUM as of September 30, 2025, and generated approximately 52% of the trailing twelve months (TTM) EBITDA as of that date.

Global Institutional Investors (pension funds, endowments, foundations)

This segment represents a core, long-term capital base, heavily favoring the alternative strategies where AMG is seeing the strongest inflows. The growth in Private Markets, which saw new capital commitments of approximately $700 M in new 2025 partnerships alone, is a direct appeal to these large, long-duration capital allocators.

• Net client cash inflows into alternative strategies reached a record $14 billion in the first quarter of 2025.
• Total net client cash flows for the first nine months of 2025 were $17 billion.
• The Private Markets segment contributed 23% to LTM EBITDA as of September 30, 2025.

High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) individuals

While AMG partners with firms that serve this market, the direct appeal is seen through the expansion into specific product types. The firm is actively expanding its reach into the U.S. wealth channel, for example, through a collaboration with Brown Brothers Harriman for structured and alternative credit products. This indicates a strategic effort to capture more of the HNW/UHNW allocation to alternatives.

• Liquid Alternatives, a key area for wealth management clients, contributed 29% to LTM EBITDA as of September 30, 2025.
• The firm announced four new partnerships in 2025, which are expected to add almost $24 billion to AUM, primarily in private markets and liquid alternatives.

Sovereign Wealth Funds and central banks

These entities typically align with the largest, most established, and often private market-focused strategies, which are the core of AMG's growth focus. The significant net client cash flows into alternatives, totaling more than $8 billion in the second quarter of 2025, signals strong commitment from large, sophisticated allocators like these.

Financial Intermediaries and wealth management platforms

This segment acts as a crucial distribution channel for AMG's Affiliates' products, especially as the firm pushes specialized strategies like credit solutions into the U.S. wealth market. The overall business is diversified by client type, suggesting that intermediaries are a significant component of the flow generation, particularly for the liquid alternative and multi-asset strategies.

• The firm's strategy is to evolve its business toward higher-fee, longer-duration assets, which often requires strong intermediary relationships for broad product placement.
• AMG expects a mid-teens annualized long-term earnings growth opportunity, supported by distribution and organic growth.

Finance: draft 13-week cash view by Friday.

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Cost Structure

For Affiliated Managers Group, Inc. (AMG), the cost structure is heavily weighted toward payments made to its partner firms. The Trailing Twelve Months (TTM) revenue ending September 30, 2025, was approximately $2.04 billion. The core of the expense profile reflects the capital-light nature of the business, where a significant portion flows out as compensation to the investment managers who generate the underlying fees.

You can see the breakdown of key operating expenses for the second quarter of 2025 right here:

Expense Category	Amount (Q2 2025, in millions)
Compensation and related expenses	$215.3
Selling, General, and Administrative (SG&A)	$89.4
Interest expense	$33.5
Intangible amortization and impairments	$7.3

The amortization of intangible assets, which stems directly from affiliate acquisitions, shows up significantly over longer periods. For the six months ended June 30, 2025, the total for Intangible amortization and impairments reached $116.8 million. This non-cash charge is a direct consequence of the strategy to invest in new and existing partner-owned firms.

The primary drivers of the operating cost base include:

• Affiliate compensation and profit-sharing arrangements, representing the majority of operating expense.
• Compensation and related expenses for the second quarter of 2025 were $215.3 million.
• Selling, General, and Administrative (SG&A) expenses were $89.4 million in Q2 2025.
• Interest expense on corporate debt, which supports investments and buybacks, totaled $33.5 million for Q2 2025.
• Amortization of intangible assets for the first half of 2025 was $116.8 million.

The company also executed on capital allocation, repurchasing approximately $100 million in common stock during the second quarter of 2025, bringing year-to-date repurchases to approximately $273 million. Also, the full-year expectation for share repurchases was set at $400 million.

Affiliated Managers Group, Inc. (AMG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Affiliated Managers Group, Inc. (AMG) brings in cash, which is really about the fees they collect from their diverse set of investment affiliates. The foundation is definitely the Investment Management Fees, which are based on the Assets Under Management (AUM) they oversee across those strategies.

As of the end of the third quarter of 2025, AMG's aggregate assets under management stood at approximately $803.6 billion. This AUM is spread across their core areas, showing a clear pivot toward alternatives.

Here's the quick math on that AUM breakdown as of September 30, 2025:

Strategy Category	Specific Strategy	Q3 2025 AUM (in Billions USD)
Alternatives - Private Markets	Private Markets	$147.7
Alternatives - Liquid Alternatives	Liquid Alternatives	$204.8
Differentiated Long-Only	Equities	$326.6
Differentiated Long-Only	Multi-Asset & FI	$124.5

This shift is important because it directly impacts the quality of the management fees. Alternatives now contribute significantly to the earnings profile; for instance, alternatives accounted for 55% of Adjusted EBITDA in Q3 2025, split between Private Markets at 23% and Liquid Alternatives at 29% of total EBITDA.

Next up are the Performance Fees, which are tied to investment outperformance. These fees are inherently more volatile than the base management fees, but they provide a nice kicker when affiliates deliver alpha. For the fourth quarter of 2025, management guided for performance fees in the range of $75 million to $120 million.

The Fee-Related Earnings (FRE), which represent the more stable management fee component, showed strong growth. You should note that Fee-Related Earnings grew 15% year-over-year in Q3 2025. To give you a related metric, the Economic Net Income for the quarter was $179.7 million, which was up 17.3% year over year. Also, the Adjusted EBITDA for the quarter hit $250.9 million, reflecting a 17% year-over-year increase.

Another key component of revenue is the Equity-Method Income, which comes from AMG's minority stakes in its Affiliates. This stream was particularly strong in Q3 2025, coming in at $88.5 million. That's a substantial jump compared to the $52.6 million reported in the third quarter of 2024, and it definitely helped support the earnings per share outperformance for the quarter.

Finally, you see cash proceeds from strategic sales of non-core Affiliate stakes, which is a way to monetize successful partnerships. AMG entered an agreement to sell its interest in Comvest Partners' private credit business, expecting to receive approximately $285 million in cash from that transaction, which was slated to close in the fourth quarter of 2025. Also, AMG closed the previously announced sale of its stake in Peppertree in July 2025, which resulted in a gain of approximately $100 million recognized in Net Income (or excluded from non-GAAP metrics, where the gain was noted as $127.6 million).

To summarize the flow of capital from these sources, here are the key drivers:

• Investment Management Fees from $803.6 billion AUM.
• Performance Fees with a Q4 2025 guide between $75 million and $120 million.
• Fee-Related Earnings (FRE) growth of 15% year-over-year for Q3 2025.
• Equity-Method Income of $88.5 million in Q3 2025.
• Strategic Sale Proceeds, including the expected $285 million from the Comvest credit business sale.

Finance: draft 13-week cash view by Friday.