Key Takeaways
- • Affiliated Managers Group reported record assets under management of $973.9 billion at September 30, 2026, up from $942.4 billion at June 30 and $803.6 billion a year earlier, according to MLQ.ai citing AMG's release.
- • Net client cash flows of $20.7 billion in the third quarter included $21.9 billion into liquid alternatives and $9.6 billion into private markets, offset by $11.9 billion of outflows from differentiated long-only equities.
- • Alternative strategies drew record net inflows of more than $31 billion, the sixth consecutive quarter in which alternatives led flows.
- • Economic EPS rose 56% to $9.50, while GAAP diluted EPS fell to $6.64 from $6.87 because the year-ago quarter included $127.6 million of affiliate transaction gains.
- • AMG repurchased about $400 million of stock in the quarter, bringing 2026 buybacks to roughly $775 million, and the release includes no financial outlook.
Summary
Affiliated Managers Group (AMG) said its assets under management reached a record $973.9 billion at the end of September 2026, according to MLQ.ai's report on the company's third-quarter release. Clients added a net $20.7 billion during the quarter, more than double the $8.9 billion added a year earlier. AUM rose from $942.4 billion at June 30 and $803.6 billion a year earlier.
Alternative strategies were the main driver of flows. Liquid alternatives took in a net $21.9 billion and private markets a net $9.6 billion, while differentiated long-only equities lost $11.9 billion and multi-asset and fixed income strategies added $1.1 billion. Market gains contributed $13.0 billion, mostly in liquid alternatives. Alternatives have now led net flows for six straight quarters, and year-to-date net inflows total $56.2 billion, including more than $89 billion into alternatives. AMG also sold its stake in Vesterra Capital Partners, formerly Comvest Private Equity, which removed $1.3 billion of private markets assets.
Earnings showed a mixed picture. Economic earnings per share, AMG's main internal benchmark, rose 56% to $9.50, and adjusted EBITDA (controlling interest) rose 41% to $353.7 million. On a GAAP basis, net income attributable to controlling interest fell to $173.3 million, or $6.64 per diluted share, from $212.4 million, or $6.87, as the year-earlier quarter included $127.6 million of affiliate transaction gains. Consolidated revenue rose 13% to $595.2 million, and aggregate affiliate fees rose to $1.76 billion from $1.35 billion.
Capital returns continued. AMG repurchased about $400 million of stock in the quarter, bringing 2026 buybacks to about $775 million, and declared a quarterly dividend of $0.01 per share. Basic shares averaged 25.7 million, down from 28.4 million a year earlier, and junior convertible securities that had added to the diluted count were settled in cash in January. CEO Jay Horgen said AMG's focus on areas of secular demand has enhanced the long-term growth prospects of the business. The release does not include a financial outlook.
Alternative strategies were the main driver of flows. Liquid alternatives took in a net $21.9 billion and private markets a net $9.6 billion, while differentiated long-only equities lost $11.9 billion and multi-asset and fixed income strategies added $1.1 billion. Market gains contributed $13.0 billion, mostly in liquid alternatives. Alternatives have now led net flows for six straight quarters, and year-to-date net inflows total $56.2 billion, including more than $89 billion into alternatives. AMG also sold its stake in Vesterra Capital Partners, formerly Comvest Private Equity, which removed $1.3 billion of private markets assets.
Earnings showed a mixed picture. Economic earnings per share, AMG's main internal benchmark, rose 56% to $9.50, and adjusted EBITDA (controlling interest) rose 41% to $353.7 million. On a GAAP basis, net income attributable to controlling interest fell to $173.3 million, or $6.64 per diluted share, from $212.4 million, or $6.87, as the year-earlier quarter included $127.6 million of affiliate transaction gains. Consolidated revenue rose 13% to $595.2 million, and aggregate affiliate fees rose to $1.76 billion from $1.35 billion.
Capital returns continued. AMG repurchased about $400 million of stock in the quarter, bringing 2026 buybacks to about $775 million, and declared a quarterly dividend of $0.01 per share. Basic shares averaged 25.7 million, down from 28.4 million a year earlier, and junior convertible securities that had added to the diluted count were settled in cash in January. CEO Jay Horgen said AMG's focus on areas of secular demand has enhanced the long-term growth prospects of the business. The release does not include a financial outlook.
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