Company reports EPS of $2.55, Economic EPS of $4.03 in the second quarter of 2021
u Announced partnership with Parnassus Investments, the largest independent ESG-dedicated fund manager in the industry
u Completed strategic evolution of U.S. wealth distribution platform, benefiting clients through differentiated strategies, lower fees
u Net income (controlling interest) of $109 million, Economic Net Income of $171 million
u Adjusted EBITDA of $227 million, grew 40% year-over-year, primarily driven by Affiliate investment performance
u Issued $200 million 40-year hybrid bond, enhancing balance sheet and capital flexibility; repurchased $80 million in common stock
WEST PALM BEACH, FL, July 28, 2021 — Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results
for the second quarter and six months ended June 30, 2021.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG reported growth of 40% in Adjusted EBITDA and 47% in Economic earnings per share relative to the year-ago quarter, driven by the
consistent execution of our strategy and the quality and diversity of our growing Affiliate partner group. Net client cash flows were positive
in the quarter, excluding certain quantitative strategies, and reflected ongoing strength in private markets, specialty fixed income, ESG, and
U.S. equity strategies. AMG’s forward business momentum continues to accelerate as our existing Affiliates deliver excellent investment
performance and as we invest in new Affiliates operating in areas of secular growth.
“Recently, we announced a partnership with Parnassus Investments, the largest independent ESG-dedicated fund manager in the industry
with over three decades of outstanding performance, enhancing our strategic participation in this fast-growing area. With the addition of
Parnassus, AMG Affiliates will now manage over $80 billion in AUM in dedicated ESG strategies and over $600 billion in strategies
integrating ESG factors into the investment process. Since the beginning of 2019, we have partnered with seven new Affiliates, reflecting
our focus in executing on our new investment opportunity set, and looking ahead, we see an attractive ongoing opportunity to establish
new partnerships, given the favorable transaction environment, AMG's strong competitive position, and the increasing demand for our
partnership solutions from the highest-quality independent firms around the world.
“During the quarter, we completed the strategic evolution of our U.S. wealth distribution platform, which now offers clients greater access
to higher-quality, more-differentiated strategies at lower fees. Going forward, we will continue to invest in growth initiatives alongside our
Affiliate partners to meet their strategic objectives. With our strong financial profile and free cash flow generation, we see tremendous
opportunity to further build on our momentum through the continued execution of our strategy to drive top-line EBITDA growth, which,
together with capital return through share repurchases, will further compound earnings growth and create meaningful shareholder value
over time."

Capital Management
During the second quarter of 2021, the Company repurchased approximately $80 million in common stock bringing total share
repurchases to $290 million year-to-date, and announced a second-quarter cash dividend of $0.01 per share of common stock, payable
August 20, 2021 to stockholders of record as of the close of business on August 6, 2021. On July 13, the Company issued a $200 million
40-year hybrid bond.

see & read more on
https://ir.amg.com/static-files/4ae7129a-27c1-4b59-8343-f8c4490c6635