AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2019

Reports EPS of $1.71, Economic EPS of $3.16

Completed investment in Garda Capital Partners

Completed BlueMountain transaction and received approximately $90 million in proceeds

Repurchased $110 million in common stock and announced $0.32 cash dividend per common share

WEST PALM BEACH. Fla., Oct. 28, 2019 (GLOBE NEWSWIRE) — Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the third quarter and nine months ended September 30, 2019.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:

“AMG reported Economic earnings per share of $3.16 in the third quarter and net client cash outflows of ($19.7) billion, driven primarily by certain quantitative strategies across liquid alternatives and global equities. However, we continued to generate strong momentum in private markets, wealth management, and fixed income, and our Affiliates further strengthened their long-term investment performance track records in fundamental global and emerging markets equity strategies.”

“Looking ahead, clients continue to recognize boutique managers’ inherent advantages in generating alpha, especially in volatile markets. We are focused on generating long-term value by investing in leading independent active investment managers, through our proven partnership approach, and actively re-allocating resources toward the areas of highest growth and return in our business. With our track record of successful partnerships and financial flexibility, along with ongoing momentum in our new investment pipeline, we are well-positioned to generate earnings growth and create long-term shareholder value through the execution of our strategy.”

Capital Management
The Company announced a fourth-quarter cash dividend of $0.32 per common share, payable November 21, 2019 to common stockholders of record as of the close of business on November 7, 2019. During the third quarter of 2019, the Company repurchased $110 million in common stock. In addition, AMG’s Board of Directors increased the Company’s share repurchase authorization to a total of 8.2 million shares.

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 September 30, 2019, AMG’s aggregate assets under management were approximately $732 billion, pro forma for a transaction which has since closed, in more than 500 investment products 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 13695093. 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

Notes

Forward Looking Statements and Other Matters

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings and other risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

Investor Relations:
Anjali Aggarwal

Media Relations:
Jonathan Freedman