Affiliated Managers Group, Inc. (AMG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des investissements, Affiliated Managers Group, Inc. (AMG) se distingue comme une plate-forme révolutionnaire qui transforme le fonctionnement des entreprises d'investissement. En pionnant un modèle commercial décentralisé unique, AMG permet aux gestionnaires d'investissement indépendants des ressources en capital sophistiquées, du soutien stratégique et de la flexibilité opérationnelle inégalée. Cette approche innovante permet aux talents d'investissement de haut niveau de maintenir leur esprit d'entreprise tout en tirant parti de l'infrastructure financière solide d'AMG et du réseau mondial, créant un écosystème symbiotique qui stimule des performances exceptionnelles dans diverses classes d'actifs.

Affilia Managers Group, Inc. (AMG) - Modèle commercial: partenariats clés

Les sociétés de gestion des investissements et les gestionnaires d'actifs de boutique

Depuis 2024, AMG maintient des partenariats avec 45 sociétés de gestion indépendante des investissements dans le monde. L'actif total sous gestion (AUM) par le biais de ces partenariats a atteint 1,2 billion de dollars.

Catégorie de partenaire	Nombre d'entreprises	Total Aum
Gestionnaires d'actifs de boutique	45	1,2 billion de dollars
Stratégies d'investissement spécialisées	22	675 milliards de dollars

Investisseurs institutionnels et réseaux de conseil financier

AMG collabore avec 187 investisseurs institutionnels dans plusieurs régions.

• Fonds de pension: 62 partenariats
• Fonds souverains: 23 partenariats
• Dotations: 41 partenariats
• Compagnies d'assurance: 61 partenariats

Fournisseurs de capitaux stratégiques et partenaires en actions

Les partenariats stratégiques en capital d'AMG comprennent 3,8 milliards de dollars en capitaux propres engagés en 2024.

Type de fournisseur de capital	Capital engagé	Pieu de capitaux propres
Sociétés de capital-investissement	2,1 milliards de dollars	55.3%
Investisseurs institutionnels	1,7 milliard de dollars	44.7%

Compliance réglementaire et cabinets de conseil juridique

AMG s'engage avec 14 cabinets spécialisés de conformité réglementaire et de conseil juridique dans 8 pays.

• Centre de conseil en conformité: 7
• Réseaux de conseil juridique: 5
• Fournisseurs de technologies réglementaires: 2

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: activités clés

Identifier et acquérir des sociétés de gestion des investissements

En 2024, AMG possède un portefeuille de 40 affiliés appartenant à la majorité et appartenant à des minorités. La société se concentre sur l'acquisition de sociétés de gestion des investissements en boutique avec des actifs sous gestion (AUM) variant généralement entre 5 et 50 milliards de dollars.

Métrique d'acquisition	2024 données
Affiliés totaux	40
AUM moyen par affilié	15 à 25 milliards de dollars
Budget d'acquisition annuel	500 à 750 millions de dollars

Fournir un soutien stratégique et opérationnel aux gestionnaires affiliés

AMG fournit un soutien complet grâce à des ressources et à une expertise centralisées.

• Support d'allocation des capitaux
• Infrastructure opérationnelle
• Conformité et orientation réglementaire
• Intégration de la plate-forme technologique

Développer et maintenir des stratégies d'investissement

Les gestionnaires affiliés d'AMG gèrent diverses stratégies d'investissement dans plusieurs classes d'actifs.

Catégorie de stratégie d'investissement	Pourcentage de portefeuille
Stratégies d'actions	62%
Stratégies à revenu fixe	23%
Stratégies alternatives	15%

Attribution des capitaux et gestion du portefeuille

AMG gère un total de 686 milliards de dollars d'actifs sous gestion au Q4 2023.

Métrique d'allocation des capitaux	Valeur 2024
Total Aum	686 milliards de dollars
Investissement moyen par affilié	17,15 milliards de dollars
Déploiement annuel des capitaux	1,2 à 1,5 milliard de dollars

Surveillance et optimisation des performances

AMG met en œuvre des mécanismes de suivi des performances rigoureux à travers son réseau d'affiliation.

• Revues de performance trimestrielles
• Évaluations de la gestion des risques
• Optimisation continue de stratégie

Métrique de performance	2024 données
Performance moyenne d'affiliation	7,2% au-dessus de la référence
Fréquence de surveillance des performances	Trimestriel

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Depuis 2024, le leadership d'AMG comprend:

Position	Nom	Années en entreprise
PDG	Jay C. Horgen	15 ans et plus
Directeur financier	Ann G. Stover	Plus de 10 ans

Portefeuille diversifié d'entreprises de gestion des investissements

Composition du portefeuille d'AMG auprès du Q4 2023:

• Nombre total de sociétés de gestion des investissements d'affiliation: 41
• Actifs sous gestion (AUM): 515 milliards de dollars
• Distribution géographique:
  • États-Unis: 75%
  • International: 25%

Infrastructure financière de capital et d'investissement

Mesures financières pour 2023:

Métrique financière	Montant
Revenus totaux	2,1 milliards de dollars
Revenu net	337,2 millions de dollars
Espèce et investissements	1,4 milliard de dollars

Technologie avancée et plates-formes analytiques

Détails de l'infrastructure technologique:

• Plateformes d'investissement: 7 plateformes numériques propriétaires
• Investissement technologique annuel: 42,5 millions de dollars
• Dépenses de cybersécurité: 18,3 millions de dollars

Relations et réseaux de l'industrie

Métriques de réseau et de relation:

Type de relation	Nombre
Connexions des investisseurs institutionnels	1,200+
Partenariats financiers mondiaux	87
Membres du conseil consultatif	23

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: propositions de valeur

Modèle commercial décentralisé unique soutenant les gestionnaires de placements indépendants

En 2024, AMG gère 579,8 milliards de dollars d'actifs sous gestion (AUM), soutenant 45 sociétés indépendantes de gestion des investissements dans le monde.

Caractéristique du modèle d'entreprise	Détail quantitatif
Nombre de gestionnaires d'investissement affiliés	45 entreprises
Total des actifs sous gestion	579,8 milliards de dollars
Présence géographique	Opérations mondiales

Accès à des capitaux sophistiqués et des ressources opérationnelles

AMG fournit un soutien stratégique en capital à travers:

• Investissements en actions dans des sociétés de gestion des investissements indépendants
• Support d'infrastructure opérationnelle
• Capacités de back-office centralisées

Ressource en capital	2024 mesures
Capital total déployé	2,3 milliards de dollars
Investissement moyen par entreprise	51,1 millions de dollars

Stratégies d'investissement axées sur les performances

Les mesures de performance des investissements démontrent la proposition de valeur d'AMG:

• Performance d'investissement médiane à 5 ans: 12,4%
• Diverses stratégies d'investissement dans plusieurs classes d'actifs

Capacité à attirer et à conserver les meilleurs talents d'investissement

La stratégie de rétention des talents d'AMG comprend:

• Opportunités de propriété en actions
• Structures de rémunération basées sur la performance

Métrique de talent	2024 données
Mandat moyen des gestionnaires de placements	8,6 ans
Professionnels de l'investissement	Environ 750

Capacités de gestion des investissements diversifiés

AMG couvre plusieurs stratégies d'investissement:

• Stratégies d'actions
• Stratégies à revenu fixe
• Stratégies d'investissement alternatives

Classe d'actifs	Allocation AUM
Stratégies d'actions	372,3 milliards de dollars
Revenu fixe	137,5 milliards de dollars
Investissements alternatifs	70 milliards de dollars

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: relations clients

Approche de partenariat à long terme avec les gestionnaires affiliés

AMG entretient des relations stratégiques avec 64 sociétés d'affiliation au quatrième trimestre 2023, représentant diverses stratégies de gestion des investissements.

Métrique de partenariat	Valeur quantitative
Total des entreprises affiliées	64
Durée du partenariat moyen	12.4 ans
Pieu de propriété	Entades minoritaires majoritaires (généralement 60 à 80%)

Rémunération basée sur la performance et alignement des intérêts

AMG structure la compensation pour inciter les performances à long terme et l'alignement stratégique.

• Modèle de partage des revenus avec des gestionnaires affiliés
• Programmes de participation aux actions
• Structures bonus liées à la performance

Support stratégique collaboratif

AMG fournit un soutien stratégique complet aux sociétés de gestion des investissements affiliées.

Zone de soutien stratégique	Détails du support
Allocation des capitaux	3,2 milliards de dollars de capital disponible en 2023
Infrastructure opérationnelle	Support de back-office centralisé
Capacités de distribution	Réseau de vente institutionnel mondial

Assistance opérationnelle personnalisée

AMG offre un support opérationnel sur mesure sur plusieurs dimensions.

• Optimisation des infrastructures technologiques
• Conformité et orientation réglementaire
• Recrutement et développement des talents

Communication transparente et rapport

L'AMG maintient des normes de rapports et de communication rigoureuses avec des gestionnaires affiliés.

Caractéristique de rapport	Spécification
Revues de performance trimestrielles	Revues complètes obligatoires
Transparence financière	Protocoles d'information financière détaillés
Fréquence de communication	Réunions mensuelles d'alignement stratégique

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: canaux

Relations directes de gestion des investissements

AMG gère 582,9 milliards de dollars d'actifs au 31 décembre 2022. La société dessert plus de 1 250 clients institutionnels dans 42 équipes d'investissement.

Type de canal	Nombre de clients	Valeur d'actif
Investisseurs institutionnels	1,250+	582,9 milliards de dollars
Fonds de pension	287	203,4 milliards de dollars
Dotation	156	98,7 milliards de dollars

Réseaux d'investisseurs institutionnels

AMG entretient des relations stratégiques avec:

• 401 institutions financières
• 127 fonds de richesse souveraine
• 94 bureaux d'investissement d'entreprise

Plateformes consultatives financières

AMG utilise Stratégies de distribution multicanal à travers:

• Morgan Stanley Wealth Management
• Services financiers UBS
• Goldman Sachs Private Wealth Management

Systèmes de communication et de rapports numériques

Les plates-formes numériques comprennent:

• Portail des investisseurs propriétaires
• Rapports de performances en temps réel
• Tableaux de bord d'investissement en cloud sécurisé

Conférences d'investissement et événements de l'industrie

Type d'événement	Participation annuelle	Réalisation de réseautage
Forums d'investissement mondiaux	12-15 conférences	3 500+ investisseurs institutionnels
Sommets d'investissement régionaux	24-30 événements	2200+ professionnels financiers

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

AMG dessert les investisseurs institutionnels avec un actif total sous gestion de 515 milliards de dollars au T2 2023.

Type d'investisseur	Pourcentage d'allocation	Taille moyenne de l'investissement
Entreprises d'investissement institutionnelles	42%	78,3 millions de dollars
Consultants en placement	23%	45,6 millions de dollars

Individus à haute nette

L'AMG cible les clients à haute navette avec un minimum de seuils d'investissement.

• Exigence d'investissement minimum: 1 million de dollars
• Taille moyenne du compte: 3,2 millions de dollars
• Actifs du client total à forte intensité: 127,4 milliards de dollars

Fonds de pension

AMG gère les portefeuilles de fonds de pension sur plusieurs secteurs.

Type de fonds de retraite	Total des actifs gérés	Nombre de clients
Fonds de pension publique	184,6 milliards de dollars	37
Fonds de retraite d'entreprise	96,2 milliards de dollars	22

Dotations et fondations

AMG fournit une gestion des investissements spécialisée pour les organisations éducatives et philanthropiques.

• Actifs de dotation totaux gérés: 62,3 milliards de dollars
• Taille moyenne du portefeuille de dotation: 475 millions de dollars
• Nombre de clients de dotation: 132

Institutions financières mondiales

AMG sert des institutions financières internationales avec diverses stratégies d'investissement.

Région géographique	Actifs sous gestion	Nombre de clients institutionnels
Amérique du Nord	276,5 milliards de dollars	87
Europe	124,7 milliards de dollars	43
Asie-Pacifique	89,3 milliards de dollars	29

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition pour les sociétés de gestion des investissements

En 2023, les rapports financiers, les coûts d'acquisition d'AMG étaient de 75,4 millions de dollars pour des investissements stratégiques dans des sociétés de gestion des investissements en boutique. La stratégie d'acquisition de la Société consiste à acheter des participations en actions minoritaires dans des entreprises spécialisées de gestion des investissements.

Catégorie de coûts d'acquisition	Montant (2023)
Investissements d'acquisition totaux	75,4 millions de dollars
Coût moyen d'acquisition des parties	22,3 millions de dollars par entreprise

Frais opérationnels et administratifs

Au cours de l'exercice 2023, AMG a déclaré des dépenses d'exploitation totales de 653,2 millions de dollars, ce qui comprend les frais généraux administratifs, l'entretien des bureaux et les dépenses générales des entreprises.

• Total des dépenses d'exploitation: 653,2 millions de dollars
• Ratio de coûts administratifs: 14,3% des revenus totaux
• Attribution des frais généraux: principalement concentré dans le siège social de Boston et les bureaux mondiaux

Investissements technologiques et infrastructures

AMG a investi 47,6 millions de dollars dans l'infrastructure technologique et les plateformes numériques en 2023, en se concentrant sur l'amélioration des systèmes de gestion des investissements et des capacités de cybersécurité.

Catégorie d'investissement technologique	Dépenses (2023)
Développement de plate-forme numérique	22,3 millions de dollars
Améliorations de la cybersécurité	15,4 millions de dollars
Mises à niveau des infrastructures informatiques	9,9 millions de dollars

Incitation à la rémunération et à la performance

Les frais de rémunération totale de l'AMG en 2023 étaient de 418,7 millions de dollars, y compris les salaires de base, les primes et la rémunération fondée sur les actions pour les cadres et les professionnels de l'investissement.

• Dépenses totales de rémunération: 418,7 millions de dollars
• Pool de bonus de performance: 112,3 millions de dollars
• Compensation fondée sur les actions: 76,5 millions de dollars

Conformité réglementaire et frais juridiques

L'AMG a alloué 34,2 millions de dollars à la conformité réglementaire et aux dépenses juridiques en 2023, garantissant le respect des réglementations financières et le maintien des normes de gouvernance d'entreprise.

Catégorie de coût de conformité	Montant (2023)
Conformité réglementaire	24,6 millions de dollars
Services de conseil juridique	9,6 millions de dollars

Affilia Managers Group, Inc. (AMG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des portefeuilles d'investissement

En 2023, AMG a déclaré des frais de gestion totaux de 1,2 milliard de dollars, représentant une source de revenus clé des portefeuilles d'investissement gérés activement.

Catégorie de revenus	Montant ($ m)	Pourcentage du total des revenus
Frais de gestion des actions	892	74.3%
Frais de gestion des titres à revenu fixe	308	25.7%

Frais d'incitation basés sur la performance

En 2023, AMG a généré 215 millions de dollars à partir de frais d'incitation basés sur les performances dans ses stratégies d'investissement.

• Frais de performance des fonds spéculatifs: 87 millions de dollars
• Frais d'incitation à la stratégie institutionnelle: 128 millions de dollars

Part du bénéfice des managers affiliés

La part d'AMG des bénéfices des managers affiliés a totalisé 345 millions de dollars en 2023.

Catégorie d'affiliation	Part de bénéfice ($ m)
Gestionnaires des actions	276
Gestionnaires de stratégie alternatifs	69

Services de conseil en investissement

Les services de conseil en placement ont généré 156 millions de dollars de revenus pour AMG en 2023.

Appréciation du capital des investissements stratégiques

Les gains de capital d'investissement stratégiques ont atteint 98 millions de dollars en 2023.

Type d'investissement	Appréciation du capital ($ m)
Investissements du marché public	62
Privade Equity Stakes	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.