• Affiliated Managers Group reported strong third-quarter 2025 results, with sales of US$528 million, net income of US$212.4 million, and a continued program of share buybacks and quarterly dividends, as announced earlier this month.

• An interesting aspect was the immediate adjustment to the conversion rate for AMG’s 5.15% junior convertible trust preferred securities, reflecting the ongoing capital returns to shareholders through regular dividends since 2019.

• We’ll examine how AMG’s robust earnings growth and continued capital returns could influence the company’s broader investment narrative.

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To own shares in Affiliated Managers Group, you need to believe in the continued momentum of alternative asset growth and AMG’s ability to drive earnings through its affiliate model, despite secular pressures facing traditional active management. The company’s recent third-quarter results were strong, but do not materially change the most important near-term catalyst, institutional demand for alternatives, or mitigate the ongoing risk of persistent outflows from active equity strategies.

Among recent announcements, the significant share repurchase activity stands out, with AMG completing buybacks totaling over US$370 million since July 2024. This action is directly relevant to short-term catalysts, as it demonstrates ongoing capital returns that could help support per-share earnings growth even if core flows remain volatile in legacy strategies.

However, investors should be aware that, unlike the optimism around buybacks, AMG’s revenue stability could still be tested if…

Read the full narrative on Affiliated Managers Group (it’s free!)

Affiliated Managers Group is projected to reach $2.2 billion in revenue and $594.9 million in earnings by 2028. This reflects a 2.7% annual revenue growth rate and a $152.5 million increase in earnings from the current level of $442.4 million.

Uncover how Affiliated Managers Group’s forecasts yield a $308.00 fair value, a 19% upside to its current price.

Simply Wall St Community members estimate AMG’s fair value between US$288.51 and US$308 across two views. While many focus on alternatives as a growth engine, several highlight the risk of earnings concentration among a few large affiliates as a crucial factor influencing future performance. Explore multiple perspectives to understand the full picture.