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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 March 31, 2024
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
amglogo.gif
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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock ($0.01 par value)
AMG
New York Stock Exchange
5.875% Junior Subordinated Notes due 2059
MGR
New York Stock Exchange
4.750% Junior Subordinated Notes due 2060
MGRB
New York Stock Exchange
4.200% Junior Subordinated Notes due 2061
MGRD
New York Stock Exchange
6.750% Junior Subordinated Notes due 2064
MGRE
New 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 
company
Emerging 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 31,864,456 shares of the registrant’s common stock outstanding on May 3, 2024.
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 March 31,
 
2023
2024
Consolidated revenue
$517.4
$499.9
Consolidated expenses:
Compensation and related expenses
222.3
240.4
Selling, general and administrative
97.1
91.7
Intangible amortization and impairments
12.5
7.3
Interest expense
30.5
29.9
Depreciation and other amortization
3.7
3.0
Other expenses (net)
14.4
9.0
Total consolidated expenses
380.5
381.3
Equity method income (net)
58.6
117.5
Investment and other income
38.0
18.0
Income before income taxes
233.5
254.1
Income tax expense
45.0
55.4
Net income
188.5
198.7
Net income (non-controlling interests)
(54.0)
(48.9)
Net income (controlling interest)
$134.5
$149.8
Average shares outstanding (basic)
35.9
32.8
Average shares outstanding (diluted)
39.9
40.1
Earnings per share (basic)
$3.74
$4.56
Earnings per share (diluted)
$3.47
$4.14
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 March 31,
 
2023
2024
Net income
$188.5
$198.7
Other comprehensive income, net of tax:
 
 
Foreign currency translation gain
26.8
5.6
Change in net realized and unrealized gain (loss) on derivative financial instruments
0.2
0.3
Change in net unrealized gain (loss) on available-for-sale debt securities
0.4
0.4
Other comprehensive income, net of tax
27.4
6.3
Comprehensive income
215.9
205.0
Comprehensive income (non-controlling interests)
(56.3)
(45.4)
Comprehensive income (controlling interest)
$159.6
$159.6
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,
2023
March 31,
2024
Assets
 
 
Cash and cash equivalents
$813.6
$793.4
Receivables
368.4
525.7
Investments in marketable securities
461.0
348.9
Goodwill
2,523.6
2,517.5
Acquired client relationships (net)
1,812.4
1,802.3
Equity method investments in Affiliates (net)
2,288.5
2,214.1
Fixed assets (net)
67.3
65.6
Other investments
480.9
522.9
Other assets
243.9
234.2
Total assets
$9,059.6
$9,024.6
Liabilities and Equity
 
Payables and accrued liabilities
$628.5
$634.1
Debt
2,537.5
2,524.9
Deferred income tax liability (net)
463.8
487.5
Other liabilities
466.3
464.6
Total liabilities
4,096.1
4,111.1
Commitments and contingencies (Note 8)
Redeemable non-controlling interests
393.4
393.0
Equity:
 
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31,
2023 and March 31, 2024)
0.6
0.6
Additional paid-in capital
741.4
712.1
Accumulated other comprehensive loss
(167.6)
(157.8)
Retained earnings
6,389.6
6,539.1
6,964.0
7,094.0
Less: Treasury stock, at cost (25.3 shares and 26.0 shares as of December 31, 2023 and
March 31, 2024, respectively)
(3,376.1)
(3,503.8)
Total stockholders' equity
3,587.9
3,590.2
Non-controlling interests
982.2
930.3
Total equity
4,570.1
4,520.5
Total liabilities and equity
$9,059.6
$9,024.6
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 March 31, 2023
Total 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, 2022
$0.6
$695.5
$(203.4)
$5,718.2
$(2,980.6)
$945.3
$4,175.6
Net income
134.5
54.0
188.5
Other comprehensive income, net of tax
25.1
2.3
27.4
Share-based compensation
14.7
14.7
Common stock issued under share-based incentive
plans
(39.1)
14.0
(25.1)
Dividends ($0.01 per share)
(0.4)
(0.4)
Affiliate equity activity:
Affiliate equity compensation
(0.9)
11.3
10.4
Issuances
(3.8)
17.1
13.3
Purchases
(0.8)
0.3
(0.5)
Changes in redemption value of Redeemable non-
controlling interests
(101.7)
(101.7)
Capital contributions and other
(3.3)
(3.3)
Distributions to non-controlling interests
(79.5)
(79.5)
March 31, 2023
$0.6
$563.9
$(178.3)
$5,852.3
$(2,966.6)
$947.5
$4,219.4
Three Months Ended March 31, 2024
Total 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, 2023
$0.6
$741.4
$(167.6)
$6,389.6
$(3,376.1)
$982.2
$4,570.1
Net income
149.8
48.9
198.7
Other comprehensive income (loss), net of tax
9.8
(3.5)
6.3
Share-based compensation
21.1
21.1
Common stock issued under share-based incentive
plans
(42.4)
23.5
(18.9)
Share repurchases
(151.2)
(151.2)
Dividends ($0.01 per share)
(0.3)
(0.3)
Affiliate equity activity:
Affiliate equity compensation
5.6
11.4
17.0
Issuances
(3.0)
10.3
7.3
Purchases
7.5
(17.1)
(9.6)
Changes in redemption value of Redeemable non-
controlling interests
(18.1)
(18.1)
Capital contributions and other
(20.1)
(20.1)
Distributions to non-controlling interests
(81.8)
(81.8)
March 31, 2024
$0.6
$712.1
$(157.8)
$6,539.1
$(3,503.8)
$930.3
$4,520.5
The accompanying notes are an integral part of the Consolidated Financial Statements.
5
AFFILIATED MANAGERS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
For the Three Months
Ended March 31,
 
2023
2024
Cash flow from (used in) operating activities:
Net income
$188.5
$198.7
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
 
Intangible amortization and impairments
12.5
7.3
Depreciation and other amortization
3.7
3.0
Deferred income tax expense
11.3
23.5
Equity method income (net)
(58.6)
(117.5)
Distributions received from equity method investments
305.5
211.5
Share-based compensation and Affiliate equity compensation expense
25.3
38.8
Net realized and unrealized gains on investment securities
(32.9)
(9.1)
Other non-cash items
8.0
(3.3)
Changes in assets and liabilities:
 
Purchases of securities by consolidated Affiliate sponsored investment products
(9.8)
(12.7)
Sales of securities by consolidated Affiliate sponsored investment products
12.4
21.5
Increase in receivables
(92.2)
(159.5)
Decrease in other assets
2.9
6.1
(Decrease) increase in payables, accrued liabilities, and other liabilities
(141.8)
0.9
Cash flow from operating activities
234.8
209.2
Cash flow from (used in) investing activities:
 
Purchase of fixed assets
(1.9)
(1.0)
Purchase of investment securities
(109.8)
(359.1)
Maturities and sales of investment securities
399.7
434.6
Cash flow from investing activities
288.0
74.5
Cash flow from (used in) financing activities:
 
Borrowings of senior bank debt and junior subordinated notes
25.0
450.0
Repayments of senior bank debt and senior notes
(25.0)
(450.0)
Repurchases of common stock (net)
(152.5)
Dividends paid on common stock
(0.4)
(0.3)
Distributions to non-controlling interests
(79.5)
(81.8)
Affiliate equity issuances (purchases) (net)
7.3
(33.0)
Redemptions of consolidated Affiliate sponsored investment products (net)
(2.7)
(8.6)
Other financing items
(41.6)
(26.1)
Cash flow used in financing activities
(116.9)
(302.3)
Effect of foreign currency exchange rate changes on cash and cash equivalents
2.6
(1.6)
Net increase (decrease) in cash and cash equivalents
408.5
(20.2)
Cash and cash equivalents at beginning of period
429.2
813.6
Effect of deconsolidation of Affiliates
(4.9)
Cash and cash equivalents at end of period
$832.8
$793.4
The accompanying notes are an integral part of the Consolidated Financial Statements.
6
1.Basis of Presentation and Use of Estimates
The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or 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.  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, 2023 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, 2024, the Company adopted Accounting Standard Update (“ASU”) 2022-03, Fair Value Measurement
(Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.  The adoption of this
standard did not have a material impact on the Company’s Consolidated Financial Statements.
Recent Accounting Developments
In November 2023, the Financial Accounting Standards Board (“FASB”)  issued ASU 2023-07, Segment Reporting (Topic
280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an
annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.  The
standard is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December
15, 2024.  The Company currently does not expect the adoption to have a material impact on its Consolidated Financial
Statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,
which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes
paid.  The standard is effective for annual periods beginning after December 15, 2024.  The Company currently does not expect
the adoption to have a material impact on its Consolidated Financial Statements.
In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of
Profits Interest and Similar Awards, which clarifies how an entity should apply the scope guidance to determine whether profits
interest and similar awards should be accounted for in accordance with Topic 718.  The standard is effective for interim and
annual periods beginning after December 15, 2024 for the Company, and is effective for interim and annual periods beginning
after December 15, 2025 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:
AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
7
 
December 31,
2023
March 31,
2024
Cost
$35.3
$30.6
Unrealized gains
2.6
3.6
Unrealized losses
(0.0)
(0.1)
Fair value
$37.9
$34.1
As of December 31, 2023 and March 31, 2024, investments in equity securities include consolidated Affiliate sponsored
investment products with fair values of $15.8 million and $7.7 million, respectively.
For the three months ended March 31, 2023 and 2024, the Company recognized net unrealized gains on equity securities
still held as of March 31, 2023 and 2024 of $1.4 million.
Debt Securities
The following table summarizes the cost, unrealized gains, unrealized losses, and fair value of investments in U.S. Treasury
securities classified as available-for-sale, all of which matures in 2024, and consolidated Affiliate sponsored investment
products classified as trading:
 
Available-for-sale
Trading
December 31, 2023
March 31, 2024
December 31, 2023
March 31, 2024
Cost
$405.4
$296.5
$17.9
$18.5
Unrealized gains
0.0
0.0
Unrealized losses
(0.1)
(0.1)
(0.2)
Fair value
$405.3
$296.5
$17.8
$18.3
For the three months ended March 31, 2023 and 2024, the Company received $101.7 million and $425.2 million of
proceeds from the maturity of available-for-sale securities, respectively.
For the three months ended March 31, 2023 and 2024, the Company recognized net unrealized gains (losses) on debt
securities classified as trading still held as of March 31, 2023 and 2024 of $(0.1) million and $0.8 million, respectively.
4.Other Investments
Other investments consists primarily 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 in the Consolidated Statements of Income. 
Investments Measured at NAV as a Practical Expedient
The Company’s Affiliates sponsor funds in which the Company and its 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 fair value 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:
 
December 31, 2023
March 31, 2024
Fair Value
Unfunded
Commitments
Fair Value
Unfunded
Commitments
Private equity funds(1)
$424.4
$187.2
$465.7
$195.3
Investments in other strategies(2)
6.1
6.8
Total(3)
$430.5
$187.2
$472.5
$195.3
__________________________
(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. 
AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
8
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 and credit. 
Investments are generally redeemable on a daily, monthly, or quarterly basis.
(3)Fair value attributable to the controlling interest was $324.9 million and $356.4 million as of December 31, 2023 and
March 31, 2024, 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,
2023
March 31,
2024
Cost
$8.5
$8.5
Cumulative unrealized gains
41.9
41.9
Carrying amount
$50.4
$50.4
For the three months ended March 31, 2024, 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 March 31,
2023
2024
Measured at
NAV as a
Practical
Expedient
Without
Readily
Determinable
Fair Values
Total
Measured at
NAV as a
Practical
Expedient
Without
Readily
Determinable
Fair Values
Total
Balance, beginning of period
$371.2
$50.4
$421.6
$430.5
$50.4
$480.9
Purchases and commitments
9.8
9.8
46.8
46.8
Sales and distributions
(11.5)
(11.5)
(9.0)
(9.0)
Net realized and unrealized gains
6.1
6.1
4.2
4.2
Balance, end of period
$375.6
$50.4
$426.0
$472.5
$50.4
$522.9
5.Fair Value Measurements
The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:
 
 
Fair Value Measurements
 
December 31,
2023
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets
 
 
 
 
Investments in equity securities(1)
$37.9
$37.9
$
$
Investments in debt securities(1)
423.1
423.1
Financial Liabilities(2)
 
 
 
 
Contingent payment obligations
$14.7
$
$
$14.7
Affiliate equity purchase obligations
53.9
53.9
AFFILIATED MANAGERS GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
9
 
 
Fair Value Measurements
 
March 31,
2024
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets
 
 
 
 
Investments in equity securities(1)
$34.1
$34.1
$
$
Investments in debt securities(1)
314.8
314.8
Financial Liabilities(2)
 
 
 
 
Contingent payment obligations
$9.6
$
$
$9.6
Affiliate equity purchase obligations
37.7
37.7
__________________________
(1)Amounts are recorded in Investments in marketable securities on the Consolidated Balance Sheets.
(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.
Level 3 Financial Liabilities
The following table presents the changes in Level 3 liabilities:
 
For the Three Months Ended March 31,