Affiliated Managers Group, Inc. (NYSE: AMG)

Affiliated Managers Group, Inc. is a strategic partner to independent investment firms worldwide, specializing in partnerships that enhance the growth and independence of these firms while providing long-term value to shareholders. The company invests in high-quality, partner-owned firms across various investment disciplines, leveraging its expertise to support Affiliates in scaling their businesses, developing new products, and accessing broader distribution channels without compromising their entrepreneurial culture or ownership structure.

Affiliated Managers Group, Inc. generates revenue primarily through economic participation in its Affiliates via structured partnership interests, which entitle the company to a share of Affiliate revenues, often with priority over distributions to Affiliate management. Revenue is derived from the investment management activities of its Affiliates, including fees earned from managing assets across alternative and differentiated long-only strategies. The company does not manage assets directly but benefits from the performance and growth of its Affiliates’ businesses, which in turn drive AMG’s earnings through its ownership stakes and partnership arrangements.

The company operates through the following segments: Alternative Strategies and Differentiated Long-Only Strategies.

• Alternative Strategies include private markets and liquid alternatives. Private markets Affiliates managed approximately $146 billion in assets as of December 31, 2025, focusing on areas such as private equity, infrastructure, and real estate with differentiated investment approaches and deep sector expertise. Liquid alternatives Affiliates managed approximately $227 billion in assets, employing strategies such as multi-strategy, global macro, relative value fixed income, and trend-following, designed to generate returns with low correlation to broader markets and often emphasizing capital preservation and absolute return objectives.

• Differentiated Long-Only Strategies encompass equities, multi-asset, and fixed income. Affiliates in this segment managed approximately $312 billion in equity assets and $128 billion in multi-asset and fixed income strategies, utilizing specialized investment processes through mutual funds, ETFs, separately managed accounts, and UCITS products across U. S. and international markets, with an emphasis on delivering distinct return profiles through active, research-driven approaches.

Affiliated Managers Group, Inc. holds a distinctive position in the investment management industry due to its partnership model that combines strategic support with Affiliate independence, a approach that differentiates it from both traditional acquirers and passive investors. The company competes with private equity firms, sovereign wealth funds, and other investment managers seeking stakes in independent firms, but maintains an edge through its long-term orientation, deep relationships, and proven ability to help Affiliates scale while preserving their entrepreneurial culture and ownership structure. Its competitive advantage lies in its three-decade track record, global reputation, and integrated capabilities in capital formation, product strategy, distribution, and succession planning, which are tailored to the unique needs of partner-owned firms.

Affiliated Managers Group, Inc. serves institutional investors, wealth management platforms, and high net worth individuals globally through its Affiliates’ investment products and strategies. The company’s clients include pension funds, endowments, foundations, financial intermediaries, and individual investors seeking differentiated return streams across alternative and traditional asset classes, with specific Affiliates also providing customized investment counseling and fiduciary services to wealthy families and institutional clients.