AMG

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Affiliated Managers Group (AMG) is back on investors’ radar after its second quarter update, which combined stronger earnings figures with fresh details on dividends and ongoing share repurchases. The company reported second quarter sales of US$640.7 million compared with US$493.2 million a year earlier. Net income was US$185.9 million compared with US$84.3 million, with diluted earnings per share from continuing operations at US$6.95 compared with US$2.80. For the first half of 2026, sales were US$1,185.6 million compared with US$989.8 million in the same period last year. Net income was US$296.3 million compared with US$156.6 million, and diluted earnings per share from continuing operations were US$10.76 compared with US$5.01. Alongside these results, Affiliated Managers Group declared a second quarter cash dividend of US$0.01 per share, payable on August 24, 2026 to shareholders of record as of August 10, 2026. The company also reported continued activity under its July 2024 buyback plan, with 610,514 shares repurchased from April 1 to June 30, 2026 for US$189 million, bringing total repurchases under that program to 4,612,398 shares for US$1,094.96 million. See our latest analysis for Affiliated Managers Group. Affiliated Managers Group’s latest earnings and capital return updates come after a strong run in the stock, with a 19.96% 90 day share price return and a 62.28% 1 year total shareholder return, which suggests momentum has been building. If you are weighing what else is working in the market, it could be a good moment to broaden your search and check out 19 top founder-led companies After that kind of share price run and a heavy buyback program, the key issue is whether Affiliated Managers Group still offers an appealing balance between upside and risk. Do the current valuation metrics leave enough on the table for new buyers? Affiliated Managers Group’s most followed narrative puts fair value at $433.29, compared with the recent $362.40 close. This points to a sizeable valuation gap that hinges on how its alternatives platform and capital allocation story play out. Read the complete narrative. Want to see what sits behind that optimism on alternatives and margins? The narrative leans on specific revenue growth paths, shifting profit mix, and a very particular earnings multiple. The key drivers might surprise you. Result: Fair Value of $433.29 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to keep an eye on Affiliated Managers Group’s reliance on a handful of large affiliates and the risk that fee pressure or weaker fundraising affects alternatives. Find out about the key risks to this Affiliated Managers Group narrative. Optimistic about Affiliated Managers Group yet unsure how the risks stack up against the rewards? Take a closer look at both sides with 3 key rewards and 3 important warning signs If Affiliated Managers Group has caught your attention, do not stop there. The market holds plenty of other opportunities that could suit your goals and risk comfort. Target reliable cash generators and steady balance sheets by checking companies in the solid balance sheet and fundamentals stocks screener (49 results). Spot potential value opportunities early and see which stocks currently look mispriced using the 49 high quality undervalued stocks. Hunt for quality opportunities that are still off most investors' radar by reviewing the screener containing 20 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AMG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Affiliated Managers Group, Inc.? Here are five stocks we like better. Record second-quarter performance: Adjusted EBITDA rose 44% year over year to approximately $316 million, while economic earnings per share increased 54% to $8.29. Assets under management reached a record $942 billion, supported by market gains and $13 billion in quarterly net inflows. Alternatives drove growth: Alternative strategies generated $29 billion of second-quarter inflows and now contribute more than 60% of AMG’s earnings, with demand led by private-market secondaries, infrastructure, liquid alternatives and tax-aware strategies. Long-only equity strategies, by contrast, posted $14 billion of net outflows. Positive outlook and capital returns: AMG expects third-quarter adjusted EBITDA of $315 million to $325 million and economic EPS of $8.43 to $8.71. The company repurchased $189 million of stock in the quarter, plans approximately $600 million in buybacks for 2026, and allocated nearly $800 million to growth investments and capital returns in the first half. Affiliated Managers Group (NYSE:AMG) reported record second-quarter results, with adjusted EBITDA rising 44% year over year to approximately $316 million and economic earnings per share increasing 54% to $8.29. President and Chief Executive Officer Jay Horgen said the company’s assets under management reached a record $942 billion at quarter-end, supported by market gains and net client inflows. AMG reported $13 billion of total net inflows during the quarter and $56 billion over the past 12 months. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The company’s alternatives businesses were the primary contributor to organic growth. Alternative strategies generated $29 billion of net inflows in the second quarter and about $100 billion over the past 12 months, according to AMG. Horgen said alternatives now account for more than 60% of AMG’s earnings and that contribution is expected to increase over the next year. AMG cited four areas driving demand across its affiliates: secondary strategies in private markets, infrastructure, absolute return strategies and tax-aware investing. The company said these areas collectively fueled its alternative-strategy inflows over the past year. → Microsoft Just Flipped the AI Spending Narrative Overnight Chief Financial Officer Dava Ritchea said private-market affiliates raised $8 billion during the quarter, led by infrastructure, secondaries and specialized strategies. Liquid-alternative affiliates generated $21 billion in net inflows, including $16 billion from wealth clients into tax-aware strategies and $5 billion from institutional and retail clients across absolute-return and beta-sensitive strategies. By contrast, differentiated long-only equity strategies recorded $14 billion of net outflows. Ritchea said AMG expects flows in this segment to improve over the medium to long term, although industry and performance pressures could create quarterly volatility. Multi-asset and fixed-income strategies had $2 billion of net outflows, largely due to seasonal withdrawals from money-market and short-duration fixed-income funds tied to tax-payment timing. → Carrier Earnings Could Send the Stock to a New All-Time High Ritchea said AMG expects multi-asset and fixed-income flows to return to modestly positive organic growth in the third quarter, though the company may continue to see second-quarter seasonality following its addition of BBH Credit Partners. During the question-and-answer session, Horgen characterized tax-aware investing as a long-term structural shift in individual investor behavior rather than a trend tied to a single manager or product. He said tax-aware strategies represented just over 10% of AMG’s earnings. AMG is seeing the trend most directly through affiliate AQR, though Horgen said there is also growing interest in affiliates involved in real estate, infrastructure and energy transition, where strategies may offer inherent tax advantages. Horgen also pointed to continued demand for liquid alternatives. He said industrywide net inflows into liquid alternatives over the last three quarters reached their highest level since 2007. Nearly all of AMG’s liquid-alternative affiliates, including Garda, Capula, Verition, Winton and AQR, generated net inflows during the past 12 months, he said. Excluding tax-aware strategies, AMG’s liquid-alternative organic growth rate exceeded 15% over that period, supported by institutional and retail demand, according to Horgen. Addressing capacity, he said AMG’s liquid-alternative managers operate multiple strategies and products and have experience managing capacity. He added that the tax-aware products are predominantly long-short equity strategies based on broad, liquid indexes such as the MSCI World Index and S&P 500. AMG said fee-related earnings, which exclude net performance fees and catch-up fees, rose 39% year over year in the second quarter. Ritchea attributed the increase to organic growth, investment performance and margin expansion at some of the company’s largest affiliates. Net performance-fee earnings totaled $10 million, at the high end of AMG’s guidance range and up $5 million from the prior-year period. The company also recorded roughly $7 million in incremental fees, primarily from catch-up fees at private-market affiliates. For the third quarter, AMG expects adjusted EBITDA of $315 million to $325 million, based on current asset levels and a market blend that was down 2% quarter to date as of July 29. The outlook includes $315 million of recurring fee-related earnings, no material private-market catch-up fees, and net performance fees of up to $10 million. Assuming an adjusted weighted-average share count of 26.3 million, AMG forecast third-quarter economic earnings per share of $8.43 to $8.71. The midpoint would represent approximately 40% growth from the third quarter of 2025. AMG repurchased approximately $189 million of stock in the second quarter, bringing first-half repurchases to $375 million. The company expects to repurchase about $600 million of shares for the full year, subject to market conditions and capital-allocation activity. The company said its repurchases, along with the January retirement of junior convertible trust preferred securities, reduced its economic share count by 1.8 million shares since the beginning of the year. AMG has repurchased more than 10% of its shares outstanding over the past 12 months and nearly 25% since the start of 2024, according to Horgen. AMG also completed investments in BBH Credit Partners, HighBrook Investors and an incremental minority investment in Garda Capital Partners. Ritchea said the company allocated nearly $800 million in the first half toward growth investments and capital returns. AMG recently extended the maturity of its $1.25 billion revolver to June 2031. Horgen said the company saw a meaningful increase in new investment opportunities beginning late in the second quarter and continuing into the third quarter, particularly among independent firms in private markets and liquid alternatives. AMG generally seeks investment check sizes of $100 million to $500 million, though it may exceed that range in some cases, he said. The company targets high-teens returns on new investments and said it would continue repurchasing shares if prospective deals do not meet its return requirements. Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates' distribution capabilities, operational infrastructure and access to capital. The company's core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Affiliated Managers Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Adjusted EBITDA: $316 million, up 44% year-over-year. Economic Earnings Per Share: $8.29, up 54% year-over-year. Assets Under Management (AUM): Record $942 billion, up 7% from the prior quarter and 22% year-over-year. Net Inflows: $13 billion in the quarter; $56 billion over the last 12 months. Alternative Strategy Net Inflows: $29 billion in the quarter; approximately $100 billion over the last 12 months. Private Market Fundraising: $8 billion in the quarter. Liquid Alternatives Net Inflows: $21 billion in the quarter. Fee-Related Earnings: Grew 39% year-over-year. Net Performance Fee Earnings: $10 million in the second quarter. Share Repurchases: Approximately $189 million in the quarter; $375 million year-to-date. Third-Quarter 2026 Adjusted EBITDA Guidance: $315 million to $325 million. Third-Quarter 2026 Economic EPS Guidance: $8.43 to $8.71. Warning! GuruFocus has detected 8 Warning Signs with AMG. Is AMG fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record second-quarter adjusted EBITDA of $316 million, up 44% year-over-year, and economic earnings per share of $8.29, up 54%. Assets under management reached a record $942 billion, driven by $13 billion in net inflows and strong investment performance. Alternative strategies generated $29 billion in net inflows in the quarter and $100 billion over the past 12 months, now accounting for over 60% of earnings. Strong capital allocation with $189 million in share repurchases in Q2, reducing share count by over 10% year-over-year. Active new investment pipeline with increased opportunities in private markets and liquid alternatives, targeting high-teens returns. Differentiated long-only equity strategies saw $14 billion in net outflows, reflecting ongoing industry and performance headwinds. Multi-asset and fixed income experienced $2 billion in net outflows, partly due to seasonal tax-related withdrawals. Market blend was down 2% quarter-to-date as of July 29, potentially impacting near-term earnings. Dependence on tax-aware strategies, which represent just over 10% of earnings, faces scrutiny and potential volatility. Geopolitical uncertainty may have delayed some new investment opportunities, shifting pipeline activity to the second half of the year. Q: Bill Katz (TD Cowen) asked about the sustainability of tax-aware strategy flows and the broader liquid alternatives outlook.A: Jay Horgen (President and CEO) stated that tax-aware investing represents a long-term secular trend driven by a structural mindset shift in individual investor behavior, not a single product phenomenon. He noted that the trend is durable and extends beyond liquid markets into private markets like real estate and infrastructure. At AMG, tax-aware strategies represent just over 10% of earnings. For liquid alternatives broadly, he highlighted strong industry-wide inflows and that nearly all of AMG's liquid alternative affiliates (Garda, Capula, Verition, Winton, AQR) have seen net inflows over the past 12 months, with a 15% organic growth rate excluding tax-aware. Q: Hector Erazo (Jefferies) asked about the demand for quant strategies across affiliates and any capacity concerns.A: Dava Ritchea (CFO) detailed the overall flow profile, noting the strongest momentum is in the four key areas of infrastructure, secondary solutions, absolute return strategies, and after-tax investing, which drove record $29 billion in alternative inflows in Q2. She contrasted this with $14 billion in net outflows from differentiated long-only equities and $2 billion in outflows from multi-asset/fixed income due to seasonal tax payments. Jay Horgen (CEO) added that AMG's large-scale liquid alternative managers have a long track record of managing capacity, and specifically for tax-aware long-short equity strategies, the underlying markets (e.g., MSCI World, S&P 500) are deep and provide ample capacity. Q: Bill Katz (TD Cowen) asked about the acceleration in the deal pipeline, the types of affiliates being targeted, and how the pipeline compares to the beginning of the year.A: Jay Horgen (CEO) confirmed a meaningful increase in new investment opportunities starting at the tail end of Q2, continuing into Q3, with a significant pipeline for the back half of 2026. He attributed this partly to discussions delayed earlier in the year due to geopolitical uncertainty. The focus remains on secular growth areas in both private markets and liquid alternatives. He highlighted that AMG's unique value propositionpreserving independence while magnifying advantagesdifferentiates it from control buyers. He noted check sizes typically range from $100 million to $500 million, with some larger transactions in the pipeline, and reiterated a disciplined approach targeting high-teens returns. Q: (Operator) The call included a discussion on the company's financial results and guidance.A: Dava Ritchea (CFO) reported record Q2 2026 results with adjusted EBITDA of $316 million (up 44% YoY) and economic EPS of $8.29 (up 54% YoY). AUM reached a record $942 billion. For Q3 2026, she guided adjusted EBITDA to $315-$325 million and economic EPS to $8.43-$8.71, representing approximately 40% growth YoY. She also noted the company repurchased $189 million in shares in Q2 and expects ~$600 million in full-year repurchases. Q: (Operator) The call included a discussion on the company's capital allocation strategy.A: Jay Horgen (CEO) emphasized that capital allocation is the most impactful element of AMG's strategy. He stated that cumulative free cash flow over the next five to seven years is expected to approximate the company's entire current market capitalization. This capital will be deployed with discipline into growth investments (new and existing affiliates) and share repurchases, with the goal of generating a long-term compound annual growth rate in economic EPS of 15%-20%, a rate that has recently accelerated to ~40% in 2026. Q: (Operator) The call included a discussion on the evolution of AMG's business mix.A: Jay Horgen (CEO) highlighted that alternatives now account for more than 60% of AMG's earnings, up from 50% 18 months ago and 35% five years ago. He expects this contribution to grow meaningfully over the next 12 months, potentially reaching 70%. This shift is driven by strong organic growth in alternative strategies and new affiliate investments, fundamentally changing the company's earnings quality and growth profile. Q: (Operator) The call included a discussion on the drivers of organic growth.A: Jay Horgen (CEO) identified four key secular trends driving AMG's organic growth: 1) accelerating client demand for secondary strategies in private markets, 2) ongoing demand for infrastructure strategies, 3) growing demand for absolute return strategies, and 4) the continued expansion of tax-aware investing. These four areas drove approximately $100 billion in net inflows into AMG's alternative strategies over the past 12 months. Q: (Operator) The call included a discussion on the company's balance sheet and liquidity.A: Dava Ritchea (CFO) stated that AMG's balance sheet remains strong, supported by long-dated debt, low leverage, and access to a recently extended $1.25 billion revolver (maturity extended to June 2031 with enhanced terms). The balance sheet is further supported by a healthy underlying business generating recurring and growing annual after-tax cash flow of approximately $1 billion, positioning the company to execute on an active pipeline while also repurchasing shares. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Affiliated Managers Group (AMG) came out with quarterly earnings of $8.29 per share, beating the Zacks Consensus Estimate of $7.85 per share. This compares to earnings of $5.39 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.61%. A quarter ago, it was expected that this asset manager would post earnings of $8.1 per share when it actually produced earnings of $8.23, delivering a surprise of +1.6%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Affiliated Managers, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $640.7 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.84%. This compares to year-ago revenues of $493.2 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Affiliated Managers shares have added about 24.9% since the beginning of the year versus the S&P 500's gain of 6.9%. While Affiliated Managers has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Affiliated Managers was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $7.99 on $574.87 million in revenues for the coming quarter and $35.48 on $2.33 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Apollo Global Management Inc. (APO), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This company is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +13.5%. The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level. Apollo Global Management Inc.'s revenues are expected to be $1.31 billion, up 19.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Affiliated Managers Group, Inc. (AMG) : Free Stock Analysis Report Apollo Global Management Inc. (APO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Affiliated Managers Group Inc.’s AMG second-quarter 2026 economic earnings of $8.29 per share handily outpaced the Zacks Consensus Estimate of $7.85. The bottom line jumped 58.3% from the prior-year quarter.Results benefited from record assets under management (AUM) balance and higher revenues. Also, the company had a robust liquidity position. A rise in expenses was the undermining factor.Economic net income was $221.4 million, up 39.1% year over year. Our estimate for the metric was $203 million. Quarterly total revenues soared 29.9% year over year to $640.7 million. The top line beat the Zacks Consensus Estimate of $557.91 million.    Adjusted EBITDA was $316 million, up 43.8%. We had projected the metric to be $294.1 million.Total consolidated expenses rose 17.9% to $486.7 million. We had estimated total expenses to be $466.5 million. As of June 30, 2026, total AUM was a record $942.4 billion, which surged 22.2%. Our estimate for total AUM was $910.2 billion. Average AUM totaled $920.9 billion, up 25% year over year.Net client cash inflows were $12.9 billion in the reported quarter, reflecting ongoing momentum in alternative strategies. As of June 30, 2026, Affiliated Managers had $411 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $3 billion of debt, up from $2.69 billion as of Dec. 31, 2025.Stockholders’ equity as of June 30, 2026, was $3.04 billion, down from $3.24 billion as of Dec. 31, 2025. During the second quarter, Affiliated Managers repurchased shares worth $189 million. AMG is well-positioned for growth given the successful partnerships, focus on alternative strategies, global distribution capability and a diverse product mix. Substantial intangible assets on the company's balance sheet and elevated expense levels remain major concerns. Affiliated Managers Group, Inc. price-consensus-eps-surprise-chart | Affiliated Managers Group, Inc. Quote Affiliated Managers currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Invesco’s IVZ second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line increased 97.2% from the prior-year quarter.Invesco’s results primarily benefited from an increase in adjusted revenues and substantial growth in AUM balance. Record net long-term inflows also supported the quarter. However, an increase in adjusted expenses was a headwind.Ameriprise Financial’s AMP second-quarter 2026 adjusted operating earnings were $11.07 per share, which handily surpassed the Zacks Consensus Estimate of $10.72. The bottom line reflected a rise of 22% from the year-ago quarter.Results benefited from higher revenues and an improvement in AUM and assets under administration (AUA) balances to record levels. However, an increase in expenses was a headwind for Ameriprise. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Affiliated Managers Group, Inc. (AMG) : Free Stock Analysis Report Invesco Ltd. (IVZ) : Free Stock Analysis Report Ameriprise Financial, Inc. (AMP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Company reports Diluted EPS of $6.95, Economic EPS of $8.29 in the second quarter of 2026 Net income (controlling interest) of $186 million and Economic net income (controlling interest) of $221 million Economic EPS of $8.29 increased 54% year over year, reflecting the evolution of AMG's business toward greater participation in alternative strategies and its disciplined approach to capital allocation Record AUM of $942 billion; $13 billion in net client cash flows included record alternative net inflows of $29 billion Repurchased $189 million in common stock, bringing total repurchases for the first half of the year to $375 million JUPITER, Fla., July 30, 2026 (GLOBE NEWSWIRE) -- AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the second quarter and six months ended June 30, 2026. Jay C. Horgen, President and Chief Executive Officer of AMG, said:“AMG delivered another quarter of excellent results, with year-over-year growth in Adjusted EBITDA and Economic earnings per share of 44% and 54%, respectively. Net client cash flows of approximately $13 billion in the quarter, and more than $35 billion in the year to date, reflect the ongoing strength in alternative strategies, which generated net inflows of approximately $29 billion in the quarter and approximately $58 billion in the first half. The momentum across our business highlights the successful execution of our strategy and the evolution of our earnings profile, as sustained organic growth in alternative strategies continues to increase their contribution to AMG’s earnings. “More broadly, over the last 12 months, our assets under management have increased by approximately $171 billion, or 22%, including approximately $69 billion from growth investments in new Affiliates and approximately $56 billion in net client cash flows. Looking ahead, we see increasing opportunities to invest in growth through both new and existing Affiliates, further expanding our participation in areas of secular demand and enhancing our long-term prospects. “Given the strength of our business, our increasing cash flow generation, flexible capital position, and distinct competitive advantages — including our worldwide reputation as a collaborative strategic partner to the highest-quality independent firms — we are uniquely positioned to capitalize on attractive growth opportunities, drive durable earnings growth, and create meaningful long-term value for our shareholders.” For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes. Capital Management During the second quarter of 2026, the Company repurchased approximately $189 million in common stock, bringing total share repurchases to approximately $375 million in the first half of the year. Subsequently, the Company announced a second-quarter cash dividend of $0.01 per share of common stock, payable August 24, 2026 to stockholders of record as of the close of business on August 10, 2026. About AMGAMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of June 30, 2026, AMG’s aggregate assets under management were approximately $942 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com. Conference Call, Replay, and Presentation InformationA 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 13761085. 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 See Notes for additional information. See Notes for additional information. Notes Forward-Looking Statements and Other Matters Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) 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, legal or regulatory changes, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, 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 and Quarterly Reports on Form 10-Q. 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 press 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. This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. 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 and Media Relations:Patricia Figueroa+1 (617) [email protected]@amg.com

Affiliated Managers Group Inc. AMG is slated to report second-quarter 2026 results on Thursday, before the opening bell. Its quarterly earnings and revenues are expected to have improved year over year.In the last reported quarter, AMG’s earnings beat the Zacks Consensus Estimate. Results benefited from record assets under management (AUM) balance and higher revenues. A rise in expenses was the undermining factor.The company boasts an impressive earnings surprise history. Its earnings surpassed the consensus estimate in three of the trailing four quarters and matched once, with the average beat being 4.26%. Affiliated Managers Group, Inc. price-eps-surprise | Affiliated Managers Group, Inc. Quote Management expects adjusted EBITDA in the $290-$305 million range based on the current AUM levels and seasonally lower net performance fees of $10 million.Interest expenses are expected to be $40 million. Controlling interest depreciation is likely to be $1 million.Net income (controlling interest) is expected to be between $156 million and $167 million. The company’s share of reported amortization and impairments is anticipated to be $32 million.Intangible-related deferred taxes are projected to be $14 million. Other economic items, which now include realized gains, are anticipated to be roughly $1 million. Our quantitative model predicts an earnings beat for Affiliated Managers this time. This is because it has the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.Earnings ESP: The Earnings ESP for Affiliated Managers is +1.86%.Zacks Rank: The company currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for AMG’s earnings is pegged at $7.85, which has moved 2.9% higher over the past month. The figure indicates a 45.6% jump from the year-ago quarter.The company’s economic net income (controlling interest) is projected in the range of $203-$214 million. Economic earnings per share are expected to be between $7.60 and $8.01.The consensus estimate for sales is pegged at $557.9 million, indicating 13.1% growth. Here are a couple of AMG’s peer stocks you may want to consider, as our model shows they have the right combination of factors to post an earnings beat this time around.KKR & Co. KKR is scheduled to announce second-quarter 2026 numbers on July 30. The company has an Earnings ESP of +0.18% and carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Quarterly earnings estimates for KKR have been revised upward to $1.42 per share over the past week.The Earnings ESP for Franklin Resources BEN is +1.14%, and it sports a Zacks Rank #1 at present. The company is slated to report quarterly numbers on July 31. Over the past seven days, the Zacks Consensus Estimate for BEN’s quarterly earnings has been unchanged at 66 cents per share. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Affiliated Managers Group, Inc. (AMG) : Free Stock Analysis Report Franklin Resources, Inc. (BEN) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

One of the largest and most well-known asset management stocks — BlackRock BLK — kicked off second-quarter 2026 earnings on July 15. BLK handily surpassed the Zacks Consensus Estimate. Higher revenues and assets under management (AUM) balance more than offset a rise in total expenses. Since then, many other asset managers came out with quarterly numbers, reflecting solid performance. We are using our proprietary methodology to find stocks that are poised to outpace the Zacks Consensus Estimate in the quarter. By using the Zacks Stock Screener, we have identified three such asset management stocks — Affiliated Managers Group AMG, Franklin Resources BEN and KKR & Co. KKR. These stocks have the ideal combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better — to surpass estimates. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. Our proprietary methodology, Earnings ESP, shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. Research shows that for stocks with this combination of rank and ESP, chances of a positive earnings surprise are as high as 70%. Before we go into the details regarding the above-mentioned asset managers, let us understand the factors that are likely to have influenced their quarterly performances. Asset managers are likely to have benefited from favorable capital-market conditions during the second quarter of 2026. The S&P 500 Index gained nearly 15% during the April-June period, driven by strong performance in U.S. equities, particularly AI-related technology stocks, and resilient global markets. The appreciation in client portfolio values is expected to have supported AUM and, consequently, management fee revenues. Fixed-income markets also generated moderate positive total returns, although trading remained volatile amid geopolitical tensions in the Middle East, concerns over energy-driven inflation and a flattening U.S. yield curve. Nevertheless, positive bond-market returns, along with stable investor demand for fixed-income products, are likely to have contributed to sequential AUM growth. Investor flows may have been uneven across asset classes, with continued demand for exchange-traded funds, private-market strategies and customized investment solutions. However, persistent fee pressure and the shift toward lower-cost passive products are likely to have constrained revenue growth for traditional active managers. On the expense front, elevated compensation, distribution and technology-related costs are expected to have weighed on operating leverage. Asset managers continue to invest in artificial intelligence, machine learning, data analytics and digital platforms to improve investment capabilities and client servicing. While these initiatives may increase near-term expenses, they are expected to enhance operational efficiency and support margins over the longer term. The Zacks Finance sector’s (of which asset management is part) earnings are projected to rise 24.3% year over year in the second quarter of 2026. This compares with the 25.6% increase recorded in the first quarter of 2026. (For a detailed look at the earnings growth projections for this sector and others, please read our Earnings Preview.) Affiliated Managers, headquartered in Massachusetts, is a global asset manager with investments in high-quality, independent partner-owned firms or affiliates. The company is likely to have gained from diverse product offerings, a pivot toward the alternative strategy and global distribution capability. AMG has been pivoting toward private markets and liquid alternatives, fueling strong client inflows into these segments and offsetting weakness in traditional asset categories. Affiliated Managers is expected to announce results on July 30, before market open. The Zacks Consensus Estimate for its second-quarter 2026 earnings of $7.85 per share implies a rise of 45.6% from the year-ago reported figure. AMG has an Earnings ESP of +1.86% and a Zacks Rank #2 (Buy). AMG has an impressive earnings surprise history. The company’s earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, with the average beat being 4.26%. Affiliated Managers Group, Inc. price-eps-surprise | Affiliated Managers Group, Inc. Quote Franklin Resources' fiscal third quarter 2026 performance is expected to have benefited from improving market conditions and stronger investor sentiment. The company, which operates as Franklin Templeton, benefited as rising equity markets helped lift asset values and boosted demand for investment products. BEN’s preliminary AUM rose marginally on a sequential basis to $1.79 trillion as of June 30, 2026, reflecting the positive impacts of markets and $9 billion of long-term net inflows. Also, the company stepped up its efforts to strengthen its presence in digital assets and expand its active cryptocurrency investment capabilities by acquiring 250 Digital, an active cryptocurrency investment management firm. Subsequently, it launched Franklin Crypto, a dedicated active digital asset management division. These trends suggested that Franklin Resources has been gaining from a healthier investment backdrop, improved client activity and better flow momentum. Franklin Resources is scheduled to announce fiscal third-quarter (ended June 30, 2026) results on July 31, before market open. The Zacks Consensus Estimate for its fiscal third-quarter earnings of 66 cents per share implies a rise of 34.7% from the year-ago reported figure. The company has an Earnings ESP of +1.14% and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. BEN has an impressive earnings surprise history. The company’s earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, with the average beat being 19%. Franklin Resources, Inc. price-eps-surprise | Franklin Resources, Inc. Quote KKR & Co. has been witnessing growth in fee-earning AUM and total AUM, supported by its diversified product and revenue mix, strong position in the alternative investments space, and steady net inflows. With client activity remaining robust during the second quarter 2026, the company is expected to have recorded further growth in AUM, driven by stronger inflows. Additionally, KKR is expected to have generated profits from deal exits during the to-be-reported quarter. Based on the company's preliminary estimate for the period between March 31 and June 24, 2026, total realized performance income and net realized investment income are expected to exceed $900 million, up from $475 million in the prior-year quarter. KKR & Co. is scheduled to announce results on July 30, before market open. The Zacks Consensus Estimate for its second-quarter 2026 earnings of $1.42 per share implies a rise of 20.3% from the year-ago reported figure. The company has an Earnings ESP of +0.18% and a Zacks Rank #3. KKR has a decent earnings surprise history. The company’s earnings surpassed the Zacks Consensus Estimate in three of the last four quarters and missed once, with the average beat being 3.82%. KKR & Co. Inc. price-eps-surprise | KKR & Co. Inc. Quote Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franklin Resources, Inc. (BEN) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report Affiliated Managers Group, Inc. (AMG) : Free Stock Analysis Report BlackRock (BLK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research