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Affiliated Managers Group Inc AMG

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Asset Manager Industry Consolidation Gathering Steam in a What's Likely to be a Decadeslong Process

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

For much of the past five years, we've believed that industry consolidation was inevitable for the traditional U.S.-based asset managers as they faced a new world order where organic growth and fees would be pressured, participants were expected to spend more on their investment operations and distribution capabilities, and profit margins were pressured. As we move forward, we expect to see a combination of capability-based transactions (aimed at filling product holes or diversifying a firm's operations by asset class/product, distribution channel or geography), transformative-scale acquisitions (which would be a hybrid of capability-based and pure-consolidation transaction) and deals that are purely aimed at the consolidation of existing fund infrastructure.

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Company Profile

Business Description

Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of September 2021, AMG's affiliate network--which includes firms like AQR Capital Management, BPEA and Pantheon in alternative assets and other products (which accounted for 31% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (37%) and Frontier, River Road, Parnassus and Yacktman in U.S. equities (15%)--had $747.8 billion in managed assets.

777 South Flagler Drive
West Palm Beach, FL, 33401
T +1 800 345-1100
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 3,900