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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)  
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to          
Commission File Number 001-13459
amg-20220930_g1.jpg
AFFILIATED MANAGERS GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 04-3218510
(State or other jurisdiction
of incorporation or organization)
 (IRS Employer Identification Number)
777 South Flagler Drive, West Palm Beach, Florida 33401
(Address of principal executive offices)
(800345-1100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)AMGNew York Stock Exchange
5.875% Junior Subordinated Notes due 2059MGRNew York Stock Exchange
4.750% Junior Subordinated Notes due 2060MGRBNew York Stock Exchange
4.200% Junior Subordinated Notes due 2061MGRDNew York Stock Exchange



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer  Non-accelerated filer 
 Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 37,668,634 shares of the registrant’s common stock outstanding on November 3, 2022.


FORM 10-Q
TABLE OF CONTENTS



PART I—FINANCIAL INFORMATION
Item 1.Financial Statements
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
(unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2021202220212022
Consolidated revenue$575.2 $578.6 $1,720.6 $1,789.9 
Consolidated expenses:
Compensation and related expenses256.4 273.8 752.2 797.0 
Selling, general and administrative82.9 93.2 250.3 275.7 
Intangible amortization and impairments8.9 14.4 25.3 39.4 
Interest expense 28.5 28.3 82.8 84.7 
Depreciation and other amortization4.0 3.8 12.5 11.9 
Other expenses (net)14.6 11.9 40.6 12.3 
Total consolidated expenses395.3 425.4 1,163.7 1,221.0 
Equity method income (net)35.9 44.8 125.1 123.9 
Investment and other income (expense)37.5 3.1 91.1 (5.3)
Income before income taxes253.3 201.1 773.1 687.5 
Income tax expense 44.9 36.8 166.4 130.5 
Net income 208.4 164.3 606.7 557.0 
Net income (non-controlling interests)(80.0)(51.7)(219.4)(189.0)
Net income (controlling interest)$128.4 $112.6 $387.3 $368.0 
Average shares outstanding (basic)41.1 38.2 41.8 38.8 
Average shares outstanding (diluted)44.3 43.5 44.8 47.8 
Earnings per share (basic)$3.12 $2.95 $9.28 $9.48 
Earnings per share (diluted)$3.00 $2.80 $8.95 $8.83 

The accompanying notes are an integral part of the Consolidated Financial Statements.
2

AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2021202220212022
Net income $208.4 $164.3 $606.7 $557.0 
Other comprehensive income (loss), net of tax:  
Foreign currency translation gain (loss)(19.7)(86.8)11.7 (172.0)
Change in net realized and unrealized loss on derivative financial instruments(1.9)(1.6)(1.0)(2.2)
Other comprehensive income (loss), net of tax(21.6)(88.4)10.7 (174.2)
Comprehensive income 186.8 75.9 617.4 382.8 
Comprehensive income (non-controlling interests)(77.3)(31.5)(215.5)(140.8)
Comprehensive income (controlling interest)$109.5 $44.4 $401.9 $242.0 

The accompanying notes are an integral part of the Consolidated Financial Statements.
3

AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
December 31,
2021
September 30,
2022
Assets  
Cash and cash equivalents$908.5 $622.9 
Receivables419.2 377.7 
Investments in marketable securities78.5 183.7 
Goodwill2,689.2 2,627.9 
Acquired client relationships (net)1,966.4 1,864.1 
Equity method investments in Affiliates (net)2,134.4 2,046.8 
Fixed assets (net)73.9 70.1 
Other investments375.2 353.7 
Other assets231.1 283.3 
Total assets$8,876.4 $8,430.2 
Liabilities and Equity 
Payables and accrued liabilities$789.1 $569.1 
Debt2,490.4 2,534.8 
Deferred income tax liability (net)503.2 491.7 
Other liabilities709.2 692.6 
Total liabilities4,491.9 4,288.2 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests673.9 486.6 
Equity: 
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued in 2021 and 2022)
0.6 0.6 
Additional paid-in capital651.6 709.6 
Accumulated other comprehensive loss(87.9)(213.9)
Retained earnings4,569.5 4,940.7 
5,133.8 5,437.0 
Less: Treasury stock, at cost (18.3 shares in 2021 and 20.7 shares in 2022)
(2,347.4)(2,670.8)
Total stockholders' equity2,786.4 2,766.2 
Non-controlling interests924.2 889.2 
Total equity3,710.6 3,655.4 
Total liabilities and equity$8,876.4 $8,430.2 

The accompanying notes are an integral part of the Consolidated Financial Statements.
4

AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
Three Months Ended September 30, 2021Total Stockholders’ Equity  
 Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
June 30, 2021$0.6 $539.3 $(64.8)$4,263.4 $(2,128.9)$548.3 $3,157.9 
Net income — — — 128.4 — 80.0 208.4 
Other comprehensive loss, net of tax— — (18.9)— — (2.7)(21.6)
Share-based compensation— 21.2 — — — — 21.2 
Common stock issued under share-based incentive plans— (7.8)— — 1.4 — (6.4)
Repurchases of junior convertible securities— (1.3)— — — — (1.3)
Share repurchases— — — — (100.0)— (100.0)
Dividends ($0.01 per share)
— — — (0.3)— — (0.3)
Affiliate equity activity:
Affiliate equity compensation— 2.5 — — — 8.9 11.4 
Issuances— — — — — 0.5 0.5 
Purchases— 1.2 — — — (2.4)(1.2)
Changes in redemption value of Redeemable non-controlling interests— 0.9 — — — — 0.9 
Transfers to Redeemable non-controlling interests— — — — — (0.1)(0.1)
Capital contributions and other— — — — — (2.5)(2.5)
Distributions to non-controlling interests— — — — — (67.4)(67.4)
September 30, 2021$0.6 $556.0 $(83.7)$4,391.5 $(2,227.5)$562.6 $3,199.5 
Three Months Ended September 30, 2022Total Stockholders’ Equity  
 Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
June 30, 2022$0.6 $651.8 $(145.7)$4,828.5 $(2,594.2)$902.8 $3,643.8 
Net income — — — 112.6 — 51.7 164.3 
Other comprehensive loss, net of tax— — (68.2)— — (20.2)(88.4)
Share-based compensation— 15.2 — — — — 15.2 
Common stock issued under share-based incentive plans— (8.5)— — 3.4 — (5.1)
Share repurchases— — — — (80.0)— (80.0)
Dividends ($0.01 per share)
— — — (0.4)— — (0.4)
Affiliate equity activity:
Affiliate equity compensation— 1.6 — — — 8.5 10.1 
Issuances— (5.3)— — — 8.9 3.6 
Purchases— (1.2)— — — (1.5)(2.7)
Changes in redemption value of Redeemable non-controlling interests— 56.0 — — — — 56.0 
Capital contributions and other— — — — — 5.2 5.2 
Distributions to non-controlling interests— — — — — (66.2)(66.2)
September 30, 2022$0.6 $709.6 $(213.9)$4,940.7 $(2,670.8)$889.2 $3,655.4 
The accompanying notes are an integral part of the Consolidated Financial Statements.


5

AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
Nine Months Ended September 30, 2021Total Stockholders' Equity  
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive Income (Loss)
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
December 31, 2020$0.6 $728.9 $(98.3)$4,005.5 $(1,857.0)$537.6 $3,317.3 
Net income — — — 387.3 — 219.4 606.7 
Other comprehensive income (loss), net of tax— — 14.6 — — (3.9)10.7 
Share-based compensation— 44.5 — — — — 44.5 
Common stock issued under share-based incentive plans— (54.1)— — 36.8 — (17.3)
Repurchases of junior convertible securities— (6.1)— — — — (6.1)
Share repurchases— 17.3 — — (407.3)— (390.0)
Dividends ($0.03 per share)
— — — (1.3)— — (1.3)
Affiliate equity activity:
Affiliate equity compensation— 9.6 — — — 36.5 46.1 
Issuances— (16.7)— — — 21.0 4.3 
Purchases— 9.5 — — — 13.2 22.7 
Changes in redemption value of Redeemable non-controlling interests— (176.9)— — — — (176.9)
Transfers to Redeemable non-controlling interests— — — — — (3.9)(3.9)
Capital contributions and other— — — — — 3.6 3.6 
Distributions to non-controlling interests— — — — — (260.9)(260.9)
September 30, 2021$0.6 $556.0 $(83.7)$4,391.5 $(2,227.5)$562.6 $3,199.5 
Nine Months Ended September 30, 2022Total Stockholders' Equity  
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury
Stock at
Cost
Non-
controlling
Interests
Total
Equity
December 31, 2021$0.6 $651.6 $(87.9)$4,569.5 $(2,347.4)$924.2 $3,710.6 
Impact of adoption of new accounting standards (see Note 2)— (80.6)— 4.5 — — (76.1)
Net income — — — 368.0 — 189.0 557.0 
Other comprehensive loss, net of tax— — (126.0)— — (48.2)(174.2)
Share-based compensation— 45.0 — — — — 45.0 
Common stock issued under share-based incentive plans— (38.6)— — 21.3 — (17.3)
Share repurchases— — — — (344.7)— (344.7)
Dividends ($0.03 per share)
— — — (1.3)— — (1.3)
Affiliate equity activity:
Affiliate equity compensation— 4.6 — — — 35.1 39.7 
Issuances— (12.1)— — — 31.4 19.3 
Purchases— (3.2)— — — (1.9)(5.1)
Changes in redemption value of Redeemable non-controlling interests— 142.9 — — — — 142.9 
Transfers to Redeemable non-controlling interests— — — — — (1.8)(1.8)
Capital contributions and other— — — — — 39.4 39.4 
Distributions to non-controlling interests— — — — — (278.0)(278.0)
September 30, 2022$0.6 $709.6 $(213.9)$4,940.7 $(2,670.8)$889.2 $3,655.4 
The accompanying notes are an integral part of the Consolidated Financial Statements.
6

AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 For the Nine Months Ended September 30,
 20212022
Cash flow from (used in) operating activities:
Net income $606.7 $557.0 
Adjustments to reconcile Net income to cash flow from (used in) operating activities: 
Intangible amortization and impairments25.3 39.4 
Depreciation and other amortization12.5 11.9 
Deferred income tax expense87.6 47.8 
Equity method income (net)(125.1)(123.9)
Distributions of earnings received from equity method investments288.1 339.7 
Share-based compensation and Affiliate equity expense90.9 80.9 
Other non-cash items(69.1)2.0 
Changes in assets and liabilities: 
Purchases of securities by consolidated Affiliate sponsored investment products(91.1)(34.5)
Sales of securities by consolidated Affiliate sponsored investment products49.9 24.5 
(Increase) decrease in receivables(81.0)9.5 
Decrease in other assets22.5 19.3 
Increase (decrease) in payables, accrued liabilities, and other liabilities80.1 (176.2)
Cash flow from operating activities897.3 797.4 
Cash flow from (used in) investing activities: 
Investments in Affiliates, net of cash acquired(144.9)(147.8)
Return of capital from equity method investments3.4 0.8 
Purchase of fixed assets(4.9)(9.1)
Purchase of investment securities(57.4)(147.2)
Sale of investment securities26.0 36.7 
Cash flow used in investing activities(177.8)(266.6)
Cash flow from (used in) financing activities: 
Borrowings of senior bank debt, senior notes, and junior subordinated notes200.0  
Repayments of senior bank debt and junior convertible securities(26.1)(60.8)
Repurchases of common stock (net)(493.0)(353.1)
Dividends paid on common stock(1.3)(1.2)
Distributions to non-controlling interests(260.9)(278.0)
Affiliate equity (purchases) / issuances (net)(47.8)(21.8)
Subscriptions to consolidated Affiliate sponsored investment products, net of redemptions33.2 6.5 
Other financing items(29.6)(70.7)
Cash flow used in financing activities(625.5)(779.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents(1.8)(37.3)
Net increase (decrease) in cash and cash equivalents92.2 (285.6)
Cash and cash equivalents at beginning of period1,039.7 908.5 
Effect of deconsolidation of Affiliate sponsored investment products(3.9) 
Cash and cash equivalents at end of period$1,128.0 $622.9 
                                            

The accompanying notes are an integral part of the Consolidated Financial Statements.
7

AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1.Basis of Presentation and Use of Estimates
The Consolidated Financial Statements of Affiliated Managers Group, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 includes additional information about its operations, financial position, and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
All amounts in these notes, except per share data in the text and tables herein, are stated in millions unless otherwise indicated.
2.Accounting Standards and Policies
Recently Adopted Accounting Standards
Effective January 1, 2022, the Company adopted Accounting Standard Update (“ASU”) 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity using a modified retrospective method. ASU 2020-06 removes the separate liability and equity accounting for the Company’s junior convertible securities. Consequently, the Company’s junior convertible securities are accounted for wholly as debt and are carried at their face value less unamortized debt issuance costs. The adoption resulted in increases in Debt and beginning Retained Earnings of $101.5 million and $4.5 million, respectively, and decreases in Additional paid-in-capital and Deferred income tax liability (net) of $80.6 million and $25.4 million, respectively. As a result of the adoption of ASU 2020-06, the Company also updated its Earnings Per Share accounting policy as described below.
Earnings Per Share
The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.
The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period.
The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. Prior to 2022, the Company excluded any potential dilutive effect from possible share settlements of Redeemable non-controlling interests as the Company currently intends to settle in cash. Upon adoption of ASU 2020-06, the Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
The Company had junior convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive
8

AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
Recent Accounting Developments
In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The standard is effective for interim and annual periods beginning after December 15, 2023 for the Company, and is effective for interim and annual periods beginning after December 15, 2024 for the Company’s Affiliates. The Company is evaluating the impact of this standard, however it currently does not expect the adoption to have a material impact on its Consolidated Financial Statements.
3.Investments in Marketable Securities
Equity Securities
The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities:
 December 31,
2021
September 30,
2022
Cost$59.1 $73.8 
Unrealized gains8.1 10.5 
Unrealized losses(2.7)(10.9)
Fair value$64.5 $73.4 
As of December 31, 2021 and September 30, 2022, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $28.9 million and $21.2 million, respectively.
Debt Securities
The following table summarizes the cost, gross unrealized losses, and fair value of investments in U.S. Treasury Notes classified as available-for-sale, which mature in 2024, and other debt securities classified as trading:
 December 31,
2021
September 30,
2022
Cost$14.1 $113.4 
Unrealized losses(0.1)(3.1)
Fair value$14.0 $110.3 
As of December 31, 2021 and September 30, 2022, investments in debt securities classified as trading include consolidated Affiliate sponsored investment products with fair values of $14.0 million and $10.4 million, respectively.
4.Other Investments
Other investments consist of investments in funds advised by the Company’s Affiliates that are carried at net asset value (“NAV”) as a practical expedient and other investments without readily determinable fair values. Any gain or loss related to these investments is recorded in Investment and other income on the Consolidated Statements of Income.
Investments Measured at NAV as a Practical Expedient
The Company’s Affiliates sponsor investment funds in which the Company and its consolidated Affiliates may make general partner and seed capital investments. These funds operate in partnership form and apply the specialized fair value accounting for investment companies. The Company accounts for its interests in these funds using the equity method of accounting and is required to retain the specialized accounting of the investment companies. Because the funds’ investments do not have readily determinable fair values, the Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair values of these investments and any related unfunded commitments:    
9

AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

 December 31, 2021September 30, 2022
Category of InvestmentFair ValueUnfunded
Commitments
Fair ValueUnfunded
Commitments
Private equity funds(1)
$310.2 $156.3 $285.3 $154.7 
Investments in other strategies(2)
14.6  18.0  
Total(3)
$324.8 $156.3 $303.3 $154.7 
___________________________
(1)The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current period calls and distributions). These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years.
(2)These are multi-disciplinary funds that invest across various asset classes and strategies, including equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis.
(3)Fair value attributable to the controlling interest was $224.4 million and $209.1 million as of December 31, 2021 and September 30, 2022, respectively.
Investments Without Readily Determinable Fair Values
The Company made an investment in a private corporation where it does not exercise significant influence. Because this investment does not have a readily determinable fair value, the Company has elected to measure this investment at its cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments in the private corporation. The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values:
 December 31,
2021
September 30,
2022
Cost$8.5 $8.5 
Cumulative unrealized gains41.9 41.9 
Carrying amount$50.4 $50.4 
During the three and nine months ended September 30, 2022, the Company recorded no gains or losses on the underlying investment.
The following table presents the changes in Other investments:
For the Three Months Ended September 30,
20212022
Measured at NAV as a Practical ExpedientWithout Readily Determinable Fair ValuesTotalMeasured at NAV as a Practical ExpedientWithout Readily Determinable Fair ValuesTotal
Balance, beginning of period$298.3 $13.8 $312.1 $334.3 $50.4 $384.7 
Net realized and unrealized gains (losses)(1)
18.0 19.7 37.7 (10.4) (10.4)
Purchases and commitments17.7  17.7 11.2  11.2 
Sales and distributions(10.4) (10.4)(31.8) (31.8)
Balance, end of period$323.6 $33.5 $357.1 $303.3 $50.4 $353.7 
10

AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

For the Nine Months Ended September 30,
20212022
Measured at NAV as a Practical ExpedientWithout Readily Determinable Fair ValuesTotalMeasured at NAV as a Practical ExpedientWithout Readily Determinable Fair ValuesTotal
Balance, beginning of period$243.4 $13.8 $257.2 $324.8 $50.4 $375.2 
Net realized and unrealized gains (losses)(1)
68.2 19.7 87.9 (8.8) (8.8)
Purchases and commitments44.6  44.6 38.3