AMG Third-Quarter Economic EPS Jumps 55.7% to $9.50 as Assets Under Management Hit Record $973.9 Billion
Affiliated Managers Group said Monday that third-quarter Economic earnings per share, the measure management and its board use as their principal performance benchmark, jumped 55.7% to $9.50 from $6.10 a year earlier, as assets under management reached a record $973.9 billion, according to its earnings release filed with an 8-K.
On a GAAP basis, diluted EPS slipped to $6.64 from $6.87, and net income (controlling interest) fell to $173.3 million from $212.4 million. The year-earlier quarter included $127.6 million of affiliate transaction gains, tied to the sale of AMG's equity interest in Peppertree Capital Management as part of its acquisition by TPG. There were no such gains in the latest quarter.
Economic net income (controlling interest) rose to $247.9 million from $179.7 million. Adjusted EBITDA (controlling interest) increased 41.0% to $353.7 million.
Assets under management climbed from $942.4 billion at June 30 and from $803.6 billion a year earlier. Net client cash flows totaled $20.7 billion in the quarter, up from $8.9 billion a year ago. Aggregate fees rose to $1.76 billion from $1.35 billion, and consolidated revenue increased to $595.2 million from $528.0 million.
Alternatives drove the inflows. Liquid alternatives took in $21.9 billion of net client cash flows and private markets added $9.6 billion, while equities saw net outflows of $11.9 billion and multi-asset and fixed income added $1.1 billion. AMG described the alternatives total as record net inflows.
"With six consecutive quarters of alternative-led inflows to date, and increasing exposure to structural growth areas, AMG is well-positioned for sustained organic growth and earnings momentum," President and CEO Jay C. Horgen said.
For the first nine months of 2026, Economic EPS rose to $26.00 from $16.68, and net client cash flows reached $56.2 billion.
The quarter also reflected the divestment of AMG's equity interest in Vesterra Capital Partners, formerly Comvest Private Equity, which reduced private markets assets by $1.3 billion, according to the release.
AMG kept buying back stock. It repurchased $400 million of common stock in the third quarter, bringing year-to-date repurchases to $775 million. The company also declared a third-quarter cash dividend of $0.01 per share, payable Dec. 3 to stockholders of record as of Nov. 19.
Horgen said that disciplined capital allocation is "fundamental to our strategy" and that AMG's opportunities to invest in growth "are expanding."
By the numbers
- Economic EPS: $9.50, up from $6.10
- GAAP diluted EPS: $6.64, down from $6.87
- Assets under management: $973.9 billion, a record
- Net client cash flows: $20.7 billion
- Q3 share repurchases: $400 million; year to date: $775 million
Sources
- Affiliated Managers Group Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Nov. 9, 2026 (accession 0001628280-26-071872)
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