Affiliated Managers Group’s fourth quarter was marked by continued momentum in its alternatives business, despite revenue coming in below Wall Street’s expectations. The market’s strong positive reaction reflected management’s emphasis on secular growth in private markets and liquid alternatives, as well as robust net inflows driven by client demand for differentiated investment solutions. CEO Jay Horgen highlighted that, “record net inflows in alternative strategies” and “substantial organic growth” were central to the company’s performance, with two longstanding affiliates, Pantheon and AQR, making significant contributions to earnings growth.

Is now the time to buy AMG? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Affiliated Managers Group’s Q4 Earnings Call

• Daniel Thomas Fannon (Jefferies) asked about the sustainability of growth at AQR and competition in new strategy areas. CEO Jay Horgen pointed to AQR’s innovation and expanding reach, while CFO Dava Elaine Ritchea emphasized their unique distribution and first-mover advantages.
• Alexander Blostein (Goldman Sachs) questioned the pipeline for new private and liquid alternative funds. Horgen and President Thomas M. Wojcik discussed ongoing product launches, especially through partnerships and targeted seeding in high-demand areas.
• William Raymond Katz (TD Cowen) inquired about the opportunity in global wealth management beyond the U.S. Wojcik explained that both AMG’s direct platform and affiliates are positioned for growth globally, supported by product innovation and distribution investments.
• Brian Bertram Bedell (Deutsche Bank) asked about AQR’s earnings contribution and the long-term outlook for performance fees. Ritchea clarified that AQR’s share of EBITDA is expected to exceed 20% in 2026, and that performance-fee eligible assets should trend higher as new funds mature.
• Michael Patrick Davitt (Deutsche Bank) sought details on strategy execution and resource allocation in the wealth channel. Wojcik described expanded efforts in product creation, seeding, RIA channels, and wirehouse distribution as core to scaling the business.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will monitor (1) the pace and scale of net inflows into alternative strategies, (2) AMG’s ability to launch and scale new products—especially in collaboration with Brown Brothers Harriman, and (3) the execution of leadership transition following Thomas M. Wojcik’s departure. The impact of ongoing share repurchases and further affiliate investments will also be important to track.

Affiliated Managers Group currently trades at $330.83, up from $308.09 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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