Affiliated Managers Group

What Affiliated Managers Group does

Affiliated Managers Group, Inc. (NYSE: AMG), founded in December 1993 by William J. Nutt in Boston, Massachusetts, is a strategic partner and minority equity investor in approximately 40 independent, boutique investment management firms ("Affiliates"). AMG holds long-duration minority stakes — typically through structured partnerships that allow affiliates to maintain full operational independence — and supports them with growth capital, succession planning, product development, and global distribution. Affiliates collectively manage more than 500 investment strategies across equities, fixed income, alternatives, and multi-asset classes, with aggregate assets under management of approximately $882 billion as of March 31, 2026. AMG's two principal distribution platforms are a global institutional platform with offices in London (regional HQ), Tokyo, Sydney, Dubai, Stamford, and Singapore, and a U.S. wealth platform that reaches financial advisors and individual investors, including through AMG Distributors, Inc. (a FINRA member) and a new collaboration with Brown Brothers Harriman.

AMG generates revenue primarily through its proportional share of affiliate earnings, which derive from management fees (typically a percentage of AUM) and performance fees on affiliate strategies. Management-fee revenue is recurring in nature, and AMG has been deliberately shifting its mix toward alternatives — private markets, liquid alternatives, real assets, and private credit — which now generate approximately 60% of EBITDA and command higher fee margins than traditional long-only assets. Marquee affiliates include AQR Capital Management (liquid alternatives, tax-aware strategies), Pantheon (private equity, real assets, private credit), Yacktman Asset Management (value equity), GW&K Investment Management, Harding Loevner (global equity), and TimesSquare Capital Management (growth equity), with newer affiliates in renewable energy (Qualitas Energy), real estate (NorthBridge Partners, HighBrook Investors), private equity (Montefiore Investment), and multi-strategy (Verition Fund Management).

AMG's go-to-market is partnership-driven: the company does not sell proprietary products directly to retail consumers but instead deploys capital into Affiliates and distributes their strategies through its institutional and wealth channels. Pricing is negotiated at the affiliate level and varies by strategy, vehicle, and client type. Recent operating performance is strong, with full-year 2025 revenue of approximately $2.07 billion, adjusted EBITDA of approximately $1.1 billion (up 11% YoY), economic EPS of $26.05 (up 22%), and record net client cash inflows of $29 billion. Q1 2026 results accelerated further with revenue of $544.9 million, adjusted EBITDA of $317.3 million (up 39% YoY), economic EPS of $8.23 (up 58% YoY), and net client cash flows exceeding $22 billion. AMG is publicly listed on NYSE since 1997, has 1,001-5,000 employees, and is led by President and CEO Jay C. Horgen (CEO since 2019) and CFO Dava Ritchea (joined 2024).

Name

Affiliated Managers Group

Legal name

Affiliated Managers Group, Inc.

Website

https://amg.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Affiliated Managers Group is a publicly traded strategic partner and minority equity investor in approximately 40 independent boutique investment management firms, holding ~$882B in aggregate AUM distributed to institutional investors, financial advisors, and wealth clients globally.

Ownership category

akta.pro rank

Product category

Multi-Boutique Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact / ESG Multi-Manager Platforms (FSANAGAJ)

akta.pro secondary industries

Multi-Asset ESG / Sustainable Allocation Strategies (FSAAAJAK), ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), Sustainable/ESG Equity (Active) (FSAAAIAM)

Keywords

• Boutique asset management
• Alternative investments
• Institutional asset management
• Affiliate partnership model
• Wealth management solutions

Headquarters

HQ city

Prides Crossing

HQ country

United States

HQ region

North America

Offices40 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Advisory and Management Fees: AMG generates revenue primarily through ownership interests in its affiliate investment management firms. Affiliates earn management fees (typically a percentage of assets under management) and, in some cases, performance fees. AMG's share of these earnings flows through as revenue, driven by the AUM and performance of its ~40 affiliate firms managing 500+ strategies across equities, fixed income, alternatives, and multi-asset classes. The company has been strategically shifting toward alternatives, which now contribute approximately 55-60% of EBITDA.
2. Alternative Asset Management: AMG's affiliates manage alternative strategies including private markets, liquid alternatives, real assets, and private credit. These alternative strategies generate higher fee margins than traditional passive assets, with alternatives contributing approximately 60% of EBITDA as of Q1 2026. The company added approximately $97 billion in alternative AUM in 2025, representing a 35% increase.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

AMG is a strategic partner to leading independent investment management firms globally, holding minority equity stakes in approximately 40 boutique affiliates that collectively manage ~$882 billion in AUM across 500+ strategies spanning equities, fixed income, alternatives, and multi-asset classes. AMG provides growth capital, succession planning, product development support, and global distribution reach (through its Institutional Platform and U.S. Wealth Platform) while preserving affiliates' operational independence and entrepreneurial culture. Revenue is generated primarily through management fees and performance fees earned by affiliates, with AMG's share flowing through based on its ownership stake.

Product overview

Affiliated Managers Group (AMG) operates as a strategic partnership platform rather than a single unified product. AMG partners with approximately 40 independent investment management firms (Affiliates) that maintain operational independence while benefiting from AMG's capital, strategic capabilities, and distribution platforms. The core offering consists of (1) AMG's Affiliate Network managing 500+ strategies across equities, fixed income, alternatives, and multi-asset classes, (2) AMG's Wealth Platform providing U.S. financial advisors and individual investors access to independent managers, and (3) AMG's Institutional Platform offering global institutional distribution. Major affiliate brands include AQR Capital Management (liquid alternatives and tax-aware strategies), Pantheon (private markets), TimesSquare Capital Management (growth equity), GW&K Investment Management (equity and fixed income), Yacktman Asset Management (value equity), and Frontier Capital Management (growth and value equity). AMG also sponsors specialized products including the AMG Pantheon Fund and AMG Pantheon Credit Solutions Fund.

Differentiator

Problem solved

Functional benefit

Brands

• AMG's Wealth platform: Distribution platform offering financial advisors and their clients access to investor-led independent managers with differentiated investment solutions.
• AMG's Institutional Platform

Products and services

• AMG's Affiliate Network Network of approximately 40 independent investment management firm affiliates managing over 500 investment strategies across equities, fixed income, alternatives, and multi-asset classes, served through AMG's institutional and wealth distribution platforms.
• AMG's Wealth Platform U.S. distribution platform offering financial advisors and their clients access to investor-led independent managers with differentiated investment solutions, distributed through AMG Distributors, Inc. (a FINRA member).
• AMG's Institutional Platform Global institutional distribution platform enabling affiliates to access the largest pools of capital worldwide, with sales teams collaborating with affiliates to build strategic relationships across pension funds, endowments, foundations, sovereign wealth funds, insurance companies, and Taft-Hartley plans.
• AMG Pantheon Fund Registered private equity fund offering with more than $2 billion in client assets, designed in collaboration with affiliate Pantheon to provide individual investors with access to private equity investing.
• AMG Pantheon Credit Solutions Fund (PSECC) Private credit secondaries-focused investment vehicle delivering a private credit strategy to the U.S. wealth market, designed in collaboration with affiliate Pantheon.

Quantifiable outcome

• AUM grew 24% year-over-year to $882 billion as of March 31, 2026
• +8 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

40 partnerships are on record, tiered major, significant, core and minor.

• HighBrook InvestorsmajorStrategic or Co-development Partner · 12 February 2026HighBrook Investors is a real estate investment manager specializing in value-add opportunities in the U.S. and Europe, founded in 2010. HighBrook has committed over $2.3 billion of equity across more than 80 investments totaling approximately $5.7 billion in gross asset value, with a focus on European last-mile logistics, U.S. data centers, and special situations. The partnership expands AMG's participation in global private markets and is expected to add approximately $20 million to adjusted EBITDA.
• BBH Credit PartnersmajorStrategic or Co-development Partner · 1 January 2026BBH Credit Partners is a subsidiary of Brown Brothers Harriman housing BBH's taxable fixed income and credit franchise, including its differentiated structured credit platform. Created in 2025, the firm has 30+ investment professionals and clients spanning global institutional investors including sovereign wealth funds, insurance companies, pensions, and endowments. AMG completed its investment in BBH Credit Partners in Q1 2026.
• ForbionsignificantStrategic or Co-development Partner · 1 January 2026Forbion is a pan-European private markets firm focused on life sciences companies across all stages of development. Headquartered in Naarden, Netherlands, the firm has more than 30 life science investment professionals with investments in 95 companies across 8 funds since the late nineties.
• Brown Brothers HarrimanmajorStrategic or Co-development Partner · 1 January 2026AMG is collaborating with Brown Brothers Harriman (BBH) to reshape AMG's U.S. wealth platform. BBH Credit Partners, a subsidiary of BBH, became an AMG affiliate in Q1 2026. The collaboration aims to expand access to differentiated fixed income and credit solutions for the U.S. wealth market.
• AQR Capital ManagementcoreStrategic or Co-development Partner · 1 January 2025AQR Capital Management is a leading quantitative investment management firm and one of AMG's most significant affiliates since 2004. AQR has been leading in developing tax-aware long-short strategies and generates strong momentum in alternative assets. AQR is a major contributor to AMG's alternative AUM growth.
• Montefiore InvestmentmajorStrategic or Co-development Partner · 1 January 2025Montefiore Investment is a premier European private equity firm that invests across the services sector in small- and mid-cap companies. Founded in 2025, the firm has offices in Paris, Milan, and Madrid, and manages a flagship series with six generations of funds. AMG completed the partnership in 2025 as part of over $1 billion in new affiliate investments.
• Qualitas EnergymajorStrategic or Co-development Partner · 1 January 2025Qualitas Energy is a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition, and sustainable infrastructure. Founded in 2006, the firm has raised approximately €5 billion in capital across six funds, invested in solar, wind, batteries and storage, hydroelectric power, and renewable natural gas. AMG partnered with Qualitas Energy in 2025.
• NorthBridge PartnersmajorStrategic or Co-development Partner · 1 January 2025NorthBridge Partners is a private markets manager specializing in industrial logistics real estate assets, investing in last-mile logistics properties in major US markets. Founded in 2014, the firm has completed over 100 transactions totaling over 15 million square feet. AMG completed the partnership in 2025 as part of over $1 billion in new affiliate investments.
• Verition Fund ManagementmajorStrategic or Co-development Partner · 1 January 2025Verition Fund Management is a leading global multi-strategy investment management firm founded in 2008, operating a multi-asset investment platform with approximately 750 professionals across offices in Greenwich (HQ), New York, Norwalk, London, Singapore, Hong Kong, and Dubai. AMG completed the partnership in 2025 as part of over $1 billion in new affiliate investments.
• Suma CapitalsignificantStrategic or Co-development Partner · 1 January 2024Suma Capital is a private markets firm focused on responsible investment management, committed to reducing carbon emissions through investments in disruptive technologies. Founded in 2007, the firm operates across growth, infrastructure, and venture strategies from offices in Barcelona, Madrid, and Paris. AMG invested in 2024.
• Ara PartnerssignificantStrategic or Co-development Partner · 1 January 2023Ara Partners is a private markets firm focused on industrial decarbonization and climate-related investments. AMG invested in Ara Partners in 2023, enhancing AMG's participation in private markets and sustainable investing.
• Abacus Capital GroupsignificantStrategic or Co-development Partner · 1 January 2021Abacus Capital Group is an investment management firm founded in 2004 that became an AMG affiliate in 2021, enhancing AMG's participation in sustainable investing.
• myCIO Wealth PartnerssignificantStrategic or Co-development Partner · 1 January 2021myCIO Wealth Partners is a Comprehensive, Independent and Objective financial advisory firm providing customized financial counseling to corporate executives, private clients, endowments, trusts, and retirement plans. Founded in 2005 and based in Philadelphia, the firm offers tailored portfolios and strategies.
• OCP AsiasignificantStrategic or Co-development Partner · 1 January 2021OCP Asia is an established investment manager providing customized secured lending solutions for small- and medium-sized enterprises across the Asia-Pacific region. Founded in 2004, the firm has offices in Singapore, Hong Kong, and Sydney with a combined credit investing experience of more than 60 years.
• Comvest Private EquitysignificantStrategic or Co-development Partner · 1 January 2020Comvest Private Equity is an independent firm focused on control investments in middle-market companies, partnering with founders and management teams. Founded in 2000 and headquartered in West Palm Beach, FL, Comvest specializes in control investments in companies with strong growth potential.
• Garda Capital PartnersmajorStrategic or Co-development Partner · 1 January 2019Garda Capital Partners is a fixed income relative value specialist and liquid alternatives manager. AMG initially invested in 2019 and made an additional investment in early 2026. Garda's AUM has grown to over $12 billion since the partnership inception. The follow-on investment is expected to add approximately $20 million to adjusted EBITDA.
• Boston CommonsignificantStrategic or Co-development Partner · 1 January 2019Boston Common is an independent, partner-owned global equity manager dedicated to integrated ESG impact investing. Founded in 2003, Boston Common is a women-led, majority women-owned certified B Corp with an A+ rating from UN PRI every year since 2015. Led by Geeta Aiyer, Founder and President.
• Capula Investment ManagementsignificantStrategic or Co-development Partner · 1 January 2016Capula Investment Management is a global fixed income specialist managing absolute return, enhanced fixed income, macro, and crisis alpha strategies. Founded by CIO Yan Huo in 2005, Capula is based in London with affiliated entities in Greenwich, New York, Hong Kong, Singapore, and Tokyo.
• Abax InvestmentssignificantStrategic or Co-development Partner · 1 January 2015Abax Investments is an investment management firm that became an AMG affiliate in 2015. The firm focuses on generating risk-adjusted returns through fundamental research and disciplined investment processes.
• EIG Global Energy PartnerssignificantStrategic or Co-development Partner · 1 January 2014EIG is a leading provider of institutional capital to the global energy industry. Founded in 1982 and headquartered in Washington, D.C., EIG has partnered with 400 energy companies in 42 countries. EIG focuses on hybrid debt and structured equity financing across the global energy value chain.
• Veritas Asset ManagementsignificantStrategic or Co-development Partner · 1 January 2014Veritas Asset Management is a leading global and Asian equities manager founded in 2003. Headquartered in London with an office in Hong Kong, Veritas seeks to generate strong investment performance through its Veritas Real Return Approach, focusing on protecting and growing real value of clients' capital.
• Yacktman Asset ManagementcoreStrategic or Co-development Partner · 1 January 2012Yacktman Asset Management is a highly regarded equity investment manager utilizing a unique, value-oriented approach. Founded in 1992, the firm is led by Stephen Yacktman (CIO), Molly Pieroni (President), and partners Jason Subotky, Adam Sues, Russell Wilkins, and Donald Yacktman. Yacktman's Q1 2026 13F portfolio was valued at approximately $7.50 billion with 76 holdings. The fund has generated alpha since its 1992 inception, outperforming the Russell 1000 Value Index with a 10.61% annualized return.
• Baker Street AdvisorsminorStrategic or Co-development Partner · 1 January 2011Baker Street Advisors is an investment management firm that became an AMG affiliate. The firm focuses on generating differentiated investment returns through fundamental analysis.
• TimesSquare Capital ManagementmajorStrategic or Co-development Partner · 1 January 2010TimesSquare Capital Management is a fundamental research-oriented growth equity investment management firm specializing in growth equity strategies for institutional investors. Led by Grant Babyak and Mark Aaron, TimesSquare primarily serves institutional clients including public and corporate pension funds, endowments, foundations, and Taft-Hartley plans.
• Artemis Investment ManagementsignificantStrategic or Co-development Partner · 1 January 2010Artemis Investment Management is an investment management firm founded in 1997 that became an AMG affiliate in 2010. The firm focuses on active investment management strategies.
• PantheoncoreStrategic or Co-development Partner · 1 January 2009Pantheon is a leading private markets investor providing innovative solutions across private equity, real assets, and private credit. AMG's first private markets affiliate since 2009. Pantheon operates from 12 offices across three continents and has partnered with more than 1,000 clients. AMG collaborated with Pantheon to launch the AMG Pantheon Fund (a registered private equity fund with over $2 billion in client assets) and the AMG Pantheon Credit Solutions Fund (PSECC).
• Harding LoevnermajorStrategic or Co-development Partner · 1 January 2009Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. Founded in 1989, the firm offers eight investment strategies across global, international, and emerging markets equities. AMG invested in Harding Loevner in 2009, expanding global and emerging markets equity exposure.
• GW&K Investment ManagementmajorStrategic or Co-development Partner · 1 January 2008GW&K Investment Management is an entrepreneurial-driven investment management firm offering active equity and fixed-income investment solutions. Founded in 1974 and headquartered in Boston, GW&K manages 32 distinct strategies and serves as subadvisor for several mutual funds distributed by AMG Distributors, Inc.
• Beutel GoodmansignificantStrategic or Co-development Partner · 1 January 2005Beutel, Goodman & Company Ltd. applies a fundamental bottom-up value selection process to equity investing. Founded in 1967 and based in Toronto, Beutel Goodman specializes in Canadian, U.S., and international equities, and balanced and fixed income mandates for institutional and individual investors.
• River Road Asset ManagementmajorStrategic or Co-development Partner · 1 January 2005River Road Asset Management applies its Absolute Value discipline to value equity investing. Founded in 2005 and based in Louisville, Kentucky, the firm is led by R. Andrew Beck (CEO). River Road's diverse client base spans four continents with strategies across small cap value through large cap value.
• Systematica InvestmentssignificantStrategic or Co-development Partner · 1 January 2004Systematica Investments is an innovative technology-driven systematic investment management firm founded by Leda Braga. AMG invested in 2015 and increased its investment in 2022, further increasing participation in liquid alternatives. The firm manages trend-following, quantitative equity, and alternative risk premia strategies.
• Third Avenue ManagementsignificantStrategic or Co-development Partner · 1 January 2002Third Avenue Management is a value investor founded in 1986 by legendary value investor Martin Whitman. The firm focuses on discovering investment ideas where demonstrable value has been overlooked. Strategies include Value, Small-Cap Value, Real Estate, and International Real Estate.
• Welch & ForbessignificantStrategic or Co-development Partner · 1 January 2001Welch & Forbes LLC offers investment and fiduciary services for personal trusts, individuals, and charitable organizations. Established in Boston in 1838, the firm is one of the oldest investment advisory firms in the U.S., with many clients who are descendants of its original clients.
• Frontier Capital Management CompanysignificantStrategic or Co-development Partner · 1 January 2000Frontier Capital Management Company is a Boston-based investment management firm specializing in growth and value equity investments. Founded in 1980, Frontier is a leading manager of growth and value equity strategies for institutional and individual clients. AMG affiliate since 2000.
• Tweedy, Browne CompanycoreStrategic or Co-development Partner · 1 January 1997Tweedy, Browne Company is a leading Graham & Dodd style value-oriented global and U.S. equity manager and one of AMG's most significant affiliates by earnings contribution. Founded in 1920, Tweedy Browne was AMG's first succession-planning partnership in 1997. AMG has subsequently helped the firm transition principals' ownership and align incentives across successive generations of management.
• ValueAct CapitalsignificantStrategic or Co-development Partner · 1 January 1997ValueAct Capital concentrates on acquiring significant ownership stakes in undervalued companies and works constructively with management to maximize shareholder returns. Founded in June 2000 and headquartered in San Francisco, ValueAct manages assets for institutional and individual investors.
• Winton GroupsignificantStrategic or Co-development Partner · 1 January 1997Winton Group Ltd. is a quantitative investment management firm that researches, designs, and trades systematic investment strategies. Founded by Sir David Harding in 1997 and headquartered in London, Winton employs 190+ people across four continents with offices in Shanghai, Abu Dhabi, New York, Hong Kong, and Sydney.
• Renaissance Investment ManagementsignificantStrategic or Co-development Partner · 1 January 1995Renaissance Investment Management employs disciplined, systematic investment processes in managing equity portfolios including domestic large-cap and small-cap growth equity and international equity. Founded in 1978 and led by Michael Schroer (CIO) and Paul Radomski, Renaissance is recognized for quantitatively-based investment management strategies.
• Systematic Financial ManagementsignificantStrategic or Co-development Partner · 1 January 1995Systematic Financial Management specializes in the management of value equity portfolios throughout the market capitalization spectrum. Established in 1982 and led by Ken Burgess (CIO) and Karen Kohler (COO), the firm serves corporate, public, and multi-employer pension plans, as well as sub-advisory, foundation, and endowment clients.
• Parnassus InvestmentssignificantStrategic or Co-development Partner · 1 January 1984Parnassus Investments has invested differently since its founding in 1984, believing that identifying good companies that are financially strong and take care of human and natural resources is a better way to create enduring value. Headquartered in San Francisco, the firm is a research-driven sustainable investing pioneer offering focused actively managed equity strategies.

Scale indicators36 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Virtus Investment Partners: Virtus operates a multi-affiliate model similar to AMG, with minority/majority stakes in multiple boutique asset managers distributed through institutional and intermediary channels. Closest structural analog to AMG's partnership approach.
• Victory Capital Holdings: Victory Capital operates a multi-boutique model with stakes in multiple specialized investment franchises serving institutional, retail, and wealth channels — directly comparable to AMG's affiliate structure and distribution approach.
• Artisan Partners Asset Management: Artisan Partners is a publicly traded asset manager with a multi-strategy, multi-team investment approach across equities and fixed income — comparable to AMG in offering diversified boutique teams via a public vehicle.
• Eaton Vance (Morgan Stanley Investment Management): Pre-acquisition Eaton Vance ran a multi-affiliate model very similar to AMG with minority stakes in independent investment managers; absorbed into Morgan Stanley IM in 2021, it remains a relevant functional comparable.
• Legg Mason (Franklin Templeton): Pre-acquisition Legg Mason operated a multi-affiliate structure virtually identical to AMG; acquired by Franklin Templeton in 2020, it remains the historical gold-standard structural comparable for AMG's model.
• Cohen & Steers: Cohen & Steers is a publicly traded specialist asset manager focused on alternative income strategies (real assets, preferreds, liquid alts) — overlapping with AMG's growing alternatives franchise.

Broad incumbents

• Federated Hermes: Federated Hermes is a multi-affiliate asset manager with strong liquidity/fixed income capabilities and ESG integration — competes with AMG in institutional and wealth channels via multi-manager structure.
• Invesco: Invesco is a large global diversified asset manager with broad product offerings including alternatives and ETFs — competes with AMG for institutional and intermediary wallet share at greater scale.
• Franklin Resources: Franklin Templeton is a major multi-affiliate global asset manager post-Legg Mason acquisition with significant alts and wealth offerings; competes broadly with AMG's institutional and wealth platforms.
• Janus Henderson Investors: Janus Henderson is a global asset manager offering equities, fixed income, alternatives and quantitative strategies; competes with AMG for institutional and intermediary mandates at a larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/affiliated-managers-group

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries36 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Affiliated Managers Group