Affiliated Managers Group, Inc.

AMG reported adjusted EBITDA of approximately $316 million in Q2 2026, up 44% year over year, and economic earnings per share of $8.29, up 54% year over year. Fee-related earnings grew 39% year over year, net performance fee earnings were $10 million, and incremental fees were approximately $7 million. AUM ended at a record $942 billion, up 7% sequentially and 22% over the last 12 months. For Q3 2026, AMG guided to adjusted EBITDA of $315 million to $325 million, fee-related earnings of $315 million, net performance fees of up to $10 million, and economic EPS of $8.43 to $8.71 assuming an adjusted weighted average share count of 26.3 million.

Jay Horgen said the quarter reflected record results and the continued evolution of AMG’s earnings mix toward alternatives. He emphasized that the firm’s growth is being driven by secular themes like secondaries, infrastructure, absolute return, and tax-aware investing, and said alternatives already account for more than 60% of earnings with meaningful growth still ahead. His tone was confident on both organic growth and the new-investment pipeline, which he said has strengthened into the third quarter.

Dava Ritchea framed the quarter as one of strong organic growth, record AUM, and improving earnings quality. She highlighted Q2 adjusted EBITDA of $316 million, fee-related earnings growth of 39%, and economic EPS of $8.29, while noting that average economic share count is down more than 10% from the prior-year period due to repurchases. On capital allocation, she said AMG repurchased about $189 million of stock in Q2, expects roughly $600 million of repurchases for the full year, and ended with a strong balance sheet supported by long-dated debt, low leverage, and a recently extended $1.25 billion revolver maturing in June 2031.

Analysts focused on the durability of tax-aware flows, demand for liquid alternatives and quant strategies, capacity in those products, and the pace of new investment opportunities. Management said tax-aware investing reflects a structural shift in individual investor behavior, not a single-firm or single-product phenomenon, and noted that these strategies are just over 10% of AMG earnings today. They also said liquid alternatives have seen the strongest industry inflows since 2007 over the last three quarters, capacity is manageable because many strategies trade in deep markets, and the new-investment pipeline has improved meaningfully late in Q2 and into Q3, with interest in both private markets and liquid alternatives.