Financial Data and Key Metrics Changes - AMG generated over $1 billion of EBITDA, up 33% year-over-year, and record economic earnings per share of $18.28, representing annual growth of 37% [6][18] - Adjusted EBITDA for Q4 was $357 million, growing 40% year-over-year, while economic earnings per share totaled $6.10, up 45% year-over-year [18][23] - For the full year, adjusted EBITDA was $1.06 billion and economic earnings per share grew more than 30% compared to the prior year [18][27] Business Line Data and Key Metrics Changes - In alternatives, net inflows totaled $12 billion, driven by strength across private markets and liquid alternatives [19] - Private markets saw net inflows of $9 billion for the quarter and nearly $25 billion for the full year, reflecting strong fundraising levels [20] - Liquid alternative strategies generated significant returns and performance fees, with strong flow trends continuing for Capula and Garda [11][20] Market Data and Key Metrics Changes - Global equities experienced net outflows of $8 billion, primarily due to two large institutional redemptions [21][63] - US equities reported net outflows of $1 billion, reflecting Q4 seasonality, but long-term investment performance remains strong [22] - Multi-asset and fixed income generated inflows of $1.5 billion for the quarter and $4 billion for the full year [22] Company Strategy and Development Direction - AMG is focusing on fast-growing areas such as private markets, liquid alternatives, Asia, wealth management, and ESG, which are well positioned for strong growth [8][14] - The company aims to reshape its business in favor of these growth areas, enhancing long-term earnings power [10][15] - AMG's partnership approach is resonating with high-quality partner-owned investment firms, positioning the company favorably in the current transaction environment [16][42] Management's Comments on Operating Environment and Future Outlook - Management noted that the investment environment has fundamentally changed, with elevated inflation and rising interest rates necessitating an active approach to investing [9][10] - The company is confident in its ability to execute on new investment opportunities, given a favorable transaction environment and strong competitive position [16][44] - AMG expects to continue to invest in high-quality new affiliates and growth opportunities at existing affiliates, enhancing its growth profile over time [16][53] Other Important Information - AMG repurchased $510 million of shares in 2021, reducing shares outstanding by 8% for the year, and plans to repurchase approximately $400 million of shares in 2022 [28] - The company deployed more than $1 billion of capital into growth investments in 2021, with a focus on private markets and sustainable investing firms [27][28] Q&A Session Summary Question: Update on Systematica and future capital usage - Management expressed excitement about the investment in Systematica, highlighting its strong performance and growth potential [32][34] - The company plans to continue recycling equity across generations and expects to invest $100 million to $150 million annually in affiliate equity repurchases [37] Question: Competitive landscape in private markets - Management emphasized AMG's unique partnership solution, which supports independent firms while allowing them to maintain operational independence [41][42] - The company is focused on long-term secular trends in private markets, liquid alternatives, ESG, and Asia [44] Question: Capital allocation and buyback strategy - Management provided a framework for earnings guidance and capital allocation, indicating a disciplined approach to investments and share repurchases [49][53] - The company has a robust pipeline for new investments and is committed to returning capital to shareholders while pursuing growth opportunities [54][55]

Affiliated Managers Group, Inc. (NYSE:AMG) Q3 2021 Earnings Conference Call November 1, 2021 8:30 AM ET Company Participants Anjali Aggarwal - Investor Relations Jay Horgen - President and Chief Executive Officer Tom Wojcik - Chief Financial Officer Conference Call Participants Bill Katz - Citi Dan Fannon - Jefferies Alex Blostein - Goldman Sachs Brian Bedell - Deutsche Bank Operator Greetings, and welcome to the AMG Third Quarter 2021 Earnings Call. [Operator Instructions] As a reminder, this conference is ...

Affiliated Managers Group, Inc. (NYSE:AMG) Q2 2021 Earnings Conference Call July 28, 2021 8:30 AM ET Company Participants Anjali Aggarwal - Head of Investor Relations Jay Horgen - President and Chief Executive Officer Tom Wojcik - Chief Financial Officer Conference Call Participants Brian Bedell - Deutsche Bank Alex Paris - Barrington Research Bill Katz - Citi Alex Blostein - Goldman Sachs Dan Fannon - Jefferies Patrick Davitt - Autonomous Research Robert Lee - KBW Operator Greetings and welcome to the ...