Affiliated Managers Group
{{Short description|American Investment Company}}
{{Use mdy dates|date=December 2023}}
{{Undisclosed paid|date=October 2023}}
{{Infobox company
| name = Affiliated Managers Group, Inc.
| logo = Affiliated Managers Group logo (2024).svg
| logo_size =
| type = Public
| traded_as = {{ubl|{{NYSE|AMG}}|S&P 400 component}}
| industry = Financial services
| foundation =
| founder =
| location_city = West Palm Beach, Florida
| location_country = U.S.
| area_served = Worldwide
| key_people = Dwight D. Churchill (chairman)
Jay C. Horgen (CEO)
Thomas Wojcik (CFO)
| products = Financial investments
| revenue = {{increase}} US$2.33 billion (2022){{cite web | url=https://ir.amg.com/#financial-information
| title=Affiliated Managers Group Key Financial Metrics | publisher=AMG | access-date=October 18, 2019}}
| operating_income = {{increase}} US$771 million (2022)
| net_income = {{down}}US$1.15 billion (2022)
| aum = {{down}} US$651 billion (2022 Q4)[https://www.amg.com/], AMG.
| assets = {{increase}}US$8.881 billion (2022)
| equity = US$4.176 billion (2022)
| subsid =
| website = {{URL|amg.com}}
}}
Affiliated Managers Group, Inc. (AMG) is an American financial services firm founded in 1993 and headquartered in West Palm Beach, Florida. The company's stock trades on the New York Stock Exchange under the symbol AMG, and is listed on the S&P 400 for mid-size American firms.
AMG operates as a strategic partner to independent investment management firms globally, with equity stakes in a number of partner-owned traditional investment managers, hedge funds, and specialized private equity firms which it calls “Affiliates.”{{Cite web |title=Inline XBRL Viewer |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001004434/000100443422000017/amg-20211231.htm |access-date=February 10, 2023 |website=www.sec.gov}} The company has principal offices in West Palm Beach, Florida; Prides Crossing, Massachusetts; Stamford, Connecticut; and London, United Kingdom. The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates;{{Cite web |title=AMG CEO Healey gets chairman's seat |url=https://www.bizjournals.com/boston/news/2010/10/26/amg-ceo-healey-gets-chairmans-seat.html |access-date=February 10, 2023 |website=www.bizjournals.com}} Its initial public offering on the New York Stock Exchange occurred in November 1997.{{Cite news |last=Kahn |first=Virginia Munger |date=November 16, 1997 |title=AT THE GATE; A Ticket to the Fast Lanes Of Money Management |language=en-US |work=The New York Times |url=https://www.nytimes.com/1997/11/16/business/at-the-gate-a-ticket-to-the-fast-lanes-of-money-management.html |access-date=February 10, 2023 |issn=0362-4331}} Today, AMG's Affiliates manage $651 billion{{Cite web |title=Affiliated Managers (AMG) Q4 Earnings Beat on Lower Expenses |url=https://finance.yahoo.com/news/affiliated-managers-amg-q4-earnings-142602988.html |access-date=February 10, 2023 |website=finance.yahoo.com |language=en-US}} in assets in aggregate.
AMG's strategy is to generate value by investing in an array of independent firms and supporting their long-term growth, through an approach in which significant equity ownership is retained by the management partners of each Affiliate, and each Affiliate operates and invests autonomously from AMG and from other Affiliates.{{Cite web |last=Foster |first=Mike |title=AMG's Sean Healey defends his corner |url=https://www.fnlondon.com/articles/amg-sean-healey-defends-his-corner-20160817 |access-date=February 10, 2023 |website=www.fnlondon.com |language=en-GB}}{{Cite news |date=March 25, 2022 |title=Fund houses buy up 'alts' specialists to move beyond equities and bonds |work=Financial Times |url=https://www.ft.com/content/c8d45e1f-e30b-411e-81e1-cfb78bf57fc4 |access-date=February 10, 2023}} The Affiliate principals’ ‘skin in the game’{{Cite news |last1=Effinger |first1=Anthony |last2=Bhaktavatsalam |first2=Sree Vidya |date=July 21, 2012 |title=AMG's Sean Healey key to success: Let the fund managers manage |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/amgs-sean-healey-key-to-success-let-the-fund-managers-manage/2012/07/20/gJQAuX300W_story.html |access-date=February 10, 2023 |issn=0190-8286}} incentivizes them to maximize long-term value creation, and their retained investment independence preserves the entrepreneurial cultures of each Affiliate firm.{{Cite web |last=Ward |first=Sandra |title=Betting Big on Boutiques |url=https://www.wsj.com/articles/SB50001424053111904502004575562203311654816 |access-date=February 10, 2023 |website=www.wsj.com |language=en}} AMG's approach aligns incentives between AMG shareholders, Affiliate principals, and Affiliate clients, and is unique in the investment industry.{{Cite web |title=Sean Healey: a boutique buyer with distinctive qualities |url=https://www.ft.com/content/d135ceb4-2308-11df-a25f-00144feab49a |access-date=February 10, 2023 |website=www.ft.com}}{{Cite web |title=The Managers That Do Well During Volatile Times |url=https://www.institutionalinvestor.com/article/b1l748lrwyy7tg/The-Managers-That-Do-Well-During-Volatile-Times |access-date=February 10, 2023 |website=Institutional Investor |language=en-gb}}{{Cite web |date=October 27, 2020 |title=AMG: We Can Handle the Election, Industry M&A |url=https://www.ignites.com/c/2936523/365733?referrer_module=searchSubFromFF&highlight=amg |access-date=February 10, 2023 |website=Ignites |language=en}} AMG also offers its Affiliates growth capital, distribution and marketing capabilities, and other strategic support, and its intention is to "magnify" its Affiliates’ growth opportunities without interfering in their operations.{{Cite web |date=August 1, 2022 |title=Affiliated Managers Group, Inc. (AMG) CEO Jay Horgen on Q2 2022 Results - Earnings Call Transcript {{!}} Seeking Alpha |url=https://seekingalpha.com/article/4528262-affiliated-managers-group-inc-amg-ceo-jay-horgen-on-q2-2022-results-earnings-call-transcript |access-date=February 10, 2023 |website=seekingalpha.com |language=en}}
History
File:Affiliated Managers Group logo.svg
In 1993, AMG was founded by William Nutt.{{Cite web |title=AMG CEO Healey Coaxes Great Returns From Star Managers |url=https://www.institutionalinvestor.com/article/b150y74v2rjbzm/amg-ceo-healey-coaxes-great-returns-from-star-managers |access-date=February 10, 2023 |website=Institutional Investor |language=en-gb}}
In 1997, AMG invested in Tweedy, Browne{{Cite web |title=Affiliated Managers Group acquires 70 percent of Tweedy, Browne |url=https://www.bizjournals.com/boston/stories/1997/10/06/daily9.html |access-date=February 10, 2023 |website=www.bizjournals.com}} and completed its initial public offering, listing on the New York Stock Exchange.
In 2004, AMG established a U.S. retail platform which would enable its Affiliates to manufacture, market, and distribute products to the U.S. wealth marketplace.[https://www.annualreports.com/HostedData/AnnualReportArchive/a/NYSE_AMG_2004.pdf NYSE Annual Report 2004] annualreports.com AMG also made a minority investment in AQR, a quantitative investment manager and hedge fund firm, its first investment in an alternative investment firm, and its first minority investment.{{Cite web |title=AMG Announces Investment in AQR Capital Management |url=https://www.sec.gov/Archives/edgar/data/1004434/000110465904037480/a04-13875_1ex99d2.htm |access-date=February 10, 2023 |website=www.sec.gov}}{{Cite web |last=Barr |first=Alistair |title=AMG buys stake in AQR hedge fund |url=https://www.marketwatch.com/story/amg-acquires-stake-in-aqr-hedge-fund |access-date=February 10, 2023 |website=MarketWatch |date=November 22, 2004 |language=EN-US}}
In 2005, Sean M. Healey was named chief executive officer.{{Cite web |date=May 27, 2020 |title=AMG founder Sean M. Healey dies |url=https://www.pionline.com/memoriam/amg-founder-sean-m-healey-dies |access-date=February 10, 2023 |website=Pensions & Investments |language=en}}
In 2007, AMG opened its first non-U.S. institutional distribution office in Sydney, Australia,{{Cite web |date=February 18, 2007 |title=AMG to open Australian operation {{!}} Money Management |url=https://www.moneymanagement.com.au/news/financial-planning/amg-open-australian-operation |access-date=February 10, 2023 |website=www.moneymanagement.com.au |language=en}} to provide sales and marketing services to institutional clients in Australia and New Zealand. Today, AMG operates distribution capabilities serving the Asia, Australia, Europe / U.K., and Middle East marketplaces.{{Cite web |title=Affiliated Managers Group, Inc. (AMG) Company Profile & Facts - Yahoo Finance |url=https://finance.yahoo.com/quote/AMG/profile/ |access-date=February 10, 2023 |website=finance.yahoo.com |language=en-US}}
In 2009, AMG announced investments in Harding Loevner and Gannett Welsh & Kotler.{{Cite web |date=December 14, 2009 |title=AMG buys, invests in asset managers |url=https://www.investmentnews.com/amg-buys-invests-in-asset-managers-16514 |access-date=February 10, 2023 |website=InvestmentNews |language=en-US}}
In 2010, AMG acquired a majority stake in Pantheon Ventures.{{Cite web |date= |title=AMG Announces Acquisition of Private Equity Fund-of-Funds Manager Pantheon |url=https://ir.amg.com/news-releases/news-release-details/amg-announces-acquisition-private-equity-fund-funds-manager |website=amg.com}} The private equity company was AMG's largest investment to date. AMG also invested in Artemis Investment Management.{{Cite news |date=February 2, 2010 |title=AMG buys Artemis Investment Management |language=en |work=Reuters |url=https://www.reuters.com/article/funds-amg-idUKLNE61101820100202 |access-date=February 10, 2023}}
In 2016, AMG made an investment in leading technology-driven liquid alternative firm Systematica Investments.{{Cite news |date=November 9, 2015 |title=AMG to buy stake in Systematica Investments from BlueCrest |language=en |work=Reuters |url=https://www.reuters.com/article/us-systematicainvestments-deal-idUSKCN0SY00D20151109 |access-date=February 10, 2023}}
In 2018, after being diagnosed with ALS, Sean Healey stepped down from his position as chief executive officer. He died in May 2020. Nathaniel Dalton, previously president and chief operating officer, succeeded him.{{Cite web |date=May 29, 2018 |title=AMG appoints new CEO; Sean Healey shifts to executive chairman as he receives treatment for ALS |url=https://www.pionline.com/article/20180529/ONLINE/180529839/amg-appoints-new-ceo-sean-healey-shifts-to-executive-chairman-as-he-receives-treatment-for-als |access-date=February 10, 2023 |website=Pensions & Investments |language=en}}
In 2019, Jay Horgen succeeded Dalton as president and chief executive officer.{{Cite web |date=May 6, 2019 |title=AMG assets increase 5.2% for quarter; Jay C. Horgen named CEO |url=https://www.pionline.com/article/20190506/ONLINE/190509916/amg-assets-increase-5-2-for-quarter-jay-c-horgen-named-ceo |access-date=February 10, 2023 |website=Pensions & Investments |language=en}} Horgen joined AMG in 2007 and previously served as chief financial officer, as well as executive vice president, focusing on investments in new AMG Affiliates.{{Cite web |title=AMG Gets Jay Horgen |url=https://www.webwire.com/ViewPressRel.asp?aId=28466 |access-date=February 10, 2023 |website=WebWire}}
In 2021, AMG invested in four companies, including Parnassus Investments, the largest ESG-dedicated fund manager in the U.S.{{Cite web |last=Norton |first=Leslie P. |title=AMG to Buy ESG Fund Manager Parnassus for $600 Million |url=https://www.barrons.com/articles/amg-to-buy-parnassus-51625420672 |access-date=February 10, 2023 |website=www.barrons.com |language=en-US}}
In 2022, AMG increased its investment in Systematica Investments, a quantitative and systematic investment firm.{{Cite news |date=January 18, 2022 |title=Leda Braga, AMG Acquire BlueCrest's Stake in Hedge Fund Systematica |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-01-18/braga-amg-acquire-bluecrest-s-stake-in-hedge-fund-systematica |access-date=February 10, 2023}}
Other Information
AMG is known for its research,{{Cite web |title=The Boutique Advantage |url=https://www.amg.com/the-boutique-advantage/ |access-date=February 10, 2023 |website=AMG |language=en-US}}{{Cite web |title=Despite Losing Market Share, Smaller Asset Managers Keep Battling the Giants |url=https://www.institutionalinvestor.com/article/b1v71tpc6z00x8/Despite-Losing-Market-Share-Smaller-Asset-Managers-Keep-Battling-the-Giants |access-date=February 10, 2023 |website=Institutional Investor |date=October 29, 2021 |language=en-gb}}{{Cite web |title=Fund boutiques better at navigating frantic markets, study claims |url=https://citywire.com/americas/news/fund-boutiques-better-at-navigating-frantic-markets-study-claims/a1348735 |access-date=February 10, 2023 |website=citywire.com}} on independent firms’ advantages in consistently generating excess returns.{{Cite web |title=Boutiques Beat Larger Managers With 'Remarkable Consistency' |url=https://www.institutionalinvestor.com/article/b1bm2bdl8vm1w3/Boutiques-Beat-Larger-Managers-With-Remarkable-Consistency |access-date=February 10, 2023 |website=Institutional Investor |date=October 30, 2018 |language=en-gb}}
The company is also known for its commitment to corporate citizenship and community engagement.{{Cite web |title=amg-def14a_20220527.htm |url=https://www.sec.gov/Archives/edgar/data/1004434/000156459022014567/amg-def14a_20220527.htm |access-date=February 10, 2023 |website=www.sec.gov}} AMG was a founding donor to the Sean M. Healey and AMG Center for ALS at Massachusetts General Hospital,{{Cite web |last=Chesto |first=Jon |date=November 28, 2018 |title=Investment executive Sean Healey leads $40m donation to Mass. General to fight ALS |url=https://www.bostonglobe.com/metro/2018/11/28/investment-firm-donates-million-set-als-research-center-massachusetts-general-hospital/gmBFfsvJUIkMwJbjnWEgpJ/story.html |access-date=February 10, 2023 |website=BostonGlobe.com |language=en-US}} and continues to support the Center with fundraising and charitable events.
References
{{Reflist}}
External links
- [http://www.amg.com/ AMG.com]
{{Finance links
| name = Affiliated Managers Group
| symbol = AMG
| sec_cik = AMG
| yahoo = AMG
| google = AMG
}}
{{Major asset management companies}}
{{S&P 400 companies}}
{{Authority control}}
Category:Companies listed on the New York Stock Exchange
Category:Companies based in Palm Beach County, Florida
Category:Financial services companies established in 1980
Category:Holding companies of the United States