AMG Reports Financial and Operating Results for the Fourth Quarter and Full Year 2019

Company reports EPS of $0.46, Economic EPS of $4.52 in fourth quarter
EPS of $0.31, Economic EPS of $14.22 for the full year 2019

Net Income (controlling interest) of $23 million, Economic Net Income of $222 million

Adjusted EBITDA of $200 million, a 5% increase year-over-year

Returned $426 million in capital to shareholders in 2019, including $110 million in share repurchases in Q4

Announced $0.32 cash dividend per common share

WEST PALM BEACH, Fla., Feb. 03, 2020 (GLOBE NEWSWIRE) — Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the fourth quarter and full year 2019.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG reported Economic earnings per share of $4.52 and year-over-year EBITDA growth of 5%, reflecting strong Affiliate investment performance and related performance fees. Net client cash flows of ($11.3) billion were driven primarily by certain quantitative strategies and seasonal client redemptions. During the quarter, AMG and certain Affiliates implemented a number of strategic repositioning initiatives to reallocate resources to areas of higher growth and return.

“Looking ahead, we are well-positioned to generate growth over time, given our Affiliates’ strong long-term performance records — particularly in fundamental and relative value strategies — along with their business momentum in growing areas such as private markets, wealth management, and fixed income. In addition, we continue to invest in growth opportunities and are advancing discussions with prospective Affiliates operating in areas of strong client demand. Through the disciplined execution of our growth strategy, along with our commitment to returning excess capital to shareholders, we are confident in our ability to create long-term shareholder value.”

For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

Capital Management
The Company announced a first-quarter cash dividend of $0.32 per common share, payable February 27, 2020 to common stockholders of record as of the close of business on February 13, 2020. During the fourth quarter of 2019, the Company repurchased $110 million in common stock.

About AMG
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s strategy is to generate long‐term value by investing in leading independent active investment managers, through a proven partnership approach, and allocating resources across the Company’s unique opportunity set to the areas of highest growth and return. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. In addition, AMG provides centralized assistance to its Affiliates on strategy, marketing, distribution, and product development. As of December 31, 2019, AMG’s aggregate assets under management were approximately $723 billion, across a broad range of active, return-oriented strategies. For more information, please visit the Company’s website at www.amg.com.

Conference Call, Replay and Presentation Information
A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13697921. The live call and replay of the session, and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

Financial Tables Follow