Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.01 par value) AMG New York Stock Exchange 5.875% Junior Subordinated Notes due 2059 MGR New York Stock Exchange 4.750% Junior Subordinated Notes due 2060 MGRB New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended Se ...

Affiliated Managers Group, Inc. (NYSE:AMG) Q3 2020 Results Earnings Conference Call October 26, 2020 8:30 AM ET Company Participants Anjali Aggarwal - Head of IR Jay Horgen - President and CEO Tom Wojcik - CFO Conference Call Participants Alexander Blostein - Goldman Sachs Craig Siegenthaler - Credit Suisse William Katz - Citigroup Dan Fannon - Jefferies Robert Lee - KBW Brian Bedell - Deutsche Bank Michael Carrier - Bank of America Merrill Lynch Patrick Davitt - Autonomous Research Christopher Shutler - Wi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-13459 AFFILIATED MANAGERS GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 04-3218510 ...

Affiliated Managers Group, Inc. (NYSE:AMG) Q2 2020 Earnings Conference Call July 27, 2020 8:30 AM ET Company Participants Jay Horgen - President and CEO Tom Wojcik - CFO Anjali Aggarwal - Head of IR Conference Call Participants Robert Lee - Keefe, Bruyette & Woods Chris Shutler - William Blair Dan Fannon - Jefferies Alex Blostein - Goldman Sachs Brian Bedell - Deutsche Bank Bill Katz - Citi Patrick Davitt - Autonomous Research Mike Carrier - Bank of America Merrill Lynch Operator Greetings, and welcome to t ...

Assets Under Management - As of March 31, 2020, the company's assets under management were $599.9 billion, a decrease of 23% from $774.2 billion as of March 31, 2019[101][105] - Average assets under management for the three months ended March 31, 2020, were $663.0 billion, reflecting a 14% decrease from $772.6 billion in the same period of 2019[105] - As of March 31, 2020, institutional clients accounted for $347.8 billion, retail clients for $149.9 billion, and high net worth clients for $102.2 billion of the total assets under management[111] - Consolidated Affiliate average assets under management decreased by $47.1 billion or 12% to $351.9 billion for the three months ended March 31, 2020[122] Financial Performance - Aggregate fees for the three months ended March 31, 2020, were $1,253.1 million, a slight increase of $1.1 million compared to $1,252.0 million for the same period in 2019[116] - Performance-based fees increased by $107.6 million or 9%, while asset-based fees decreased by $106.5 million or 9% due to a decline in average assets under management[116] - Net loss (controlling interest) decreased by $185.2 million or 92% to $(15.6) million for the three months ended March 31, 2020, primarily due to a $244.9 million decrease in equity method loss (net) and a $5.2 million decrease in consolidated intangible amortization and impairments[136] - Adjusted EBITDA (controlling interest) decreased by $15.2 million or 7% to $200.4 million for the three months ended March 31, 2020, primarily due to a decline in earnings at certain Affiliates[118] - Economic net income (controlling interest) decreased by $17.7 million or 10% to $151.3 million for the three months ended March 31, 2020, primarily due to a $15.2 million decrease in Adjusted EBITDA[119] - Consolidated revenue decreased by $35.8 million or 7% to $507.3 million for the three months ended March 31, 2020, due to a $37.0 million decrease from asset-based fees[122] - Equity method revenue increased by $36.9 million or 5% to $745.8 million for the three months ended March 31, 2020, due to a $106.5 million increase from performance-based fees[130] - Equity method earnings decreased by $14.0 million or 17% to $66.1 million for the three months ended March 31, 2020, due to a decline in earnings at certain Affiliates[131] - Investment and other income decreased by $5.6 million or 70% to $2.4 million for the three months ended March 31, 2020, primarily due to a $12.0 million net decrease from the valuation and realized gains on sales of investments[133] Cash Flow and Capital Structure - Cash flows from operating activities for the three months ended March 31, 2020, were $85.6 million, a significant increase from a cash outflow of $17.9 million for the same period in 2019[149] - The company had cash and cash equivalents of $592.2 million as of March 31, 2020, which were primarily generated from operating activities[147] - The company expects to repurchase approximately $135 million of Affiliate equity during the remainder of 2020, following $84.4 million spent on Affiliate equity repurchases in the first quarter[155] - The company had outstanding borrowings under its revolver of $250.0 million as of March 31, 2020, with $1.0 billion of remaining capacity available[160] - The company maintains a conservative capital structure with an investment grade rating, currently rated A3 by Moody's and BBB+ by S&P Global Ratings[148] Market Impact and Economic Conditions - The company continues to monitor economic uncertainty and market volatility related to COVID-19, which has significantly impacted the investment management industry[102] - The impact of COVID-19 on the company's business operations and financial results remains uncertain and could lead to changes in investor demand[107] - Market changes negatively impacted assets under management by $100.9 billion during the same period, primarily due to declines in financial markets related to COVID-19[110] Expenses and Taxation - Consolidated expenses decreased by $33.5 million or 9% to $354.3 million for the three months ended March 31, 2020, primarily due to a $20.4 million decrease in compensation and related expenses[124] - Income tax expense increased by $64.0 million for the three months ended March 31, 2020, primarily due to a decrease in losses before income taxes attributable to the controlling interest[136] Debt and Obligations - Total contractual obligations as of March 31, 2020, amount to $3,856.5 million, with $223.1 million due in the remainder of 2020 and $2,074.3 million due thereafter[166] - Senior bank debt totals $700.0 million, while senior notes amount to $885.4 million, with $450.0 million due in 2023-2024[166] - The company has contingent payment arrangements with expected settlements of $47.5 million, with maximum obligations of $150.0 million in 2021 and $77.5 million in 2022[166] - The company has additional liabilities for commitments to co-invest in affiliate-sponsored investment products and uncertain tax positions totaling $127.0 million and $65.2 million, respectively[167] Share Repurchase and Securities - The company authorized share repurchase programs totaling up to 9.3 million shares, with 0.9 million shares repurchased at an average price of $78.27 during the three months ended March 31, 2020[156] - The company’s junior convertible securities total $824.6 million, with $719.2 million due thereafter[166] - The company’s junior subordinated notes amount to $996.3 million, with $912.5 million due thereafter[166] Interest Rate and Contracts - The company entered into an interest rate swap contract in March 2020, exchanging LIBOR-based interest payments for fixed rate payments at 0.5135% on a notional amount of $250.0 million[162] - The company terminated forward contracts in March 2020, receiving net proceeds of $24.9 million upon settlement[163] Sensitivity to Market Fluctuations - A 1% change in the value of assets under management would result in an annualized change of $15.1 million in asset-based fees for consolidated revenue and $13.4 million for equity method revenue[172] - The company’s revenue is primarily derived from asset-based fees, which are sensitive to fluctuations in financial markets[171]

Affiliated Managers Group, Inc. (NYSE:AMG) Q1 2020 Earnings Conference Call April 27, 2020 8:30 AM ET Company Participants Jay Horgen - President and CEO Tom Wojcik - CFO Anjali Aggarwal - VP, IR Conference Call Participants Craig Siegenthaler - Credit Suisse Chris Shutler - William Blair Robert Lee - Keefe, Bruyette & Woods Alex Blostein - Goldman Sachs Mike Carrier - Bank of America Merrill Lynch Brian Bedell - Deutsche Bank Dan Fannon - Jefferies Operator Greetings, and welcome to the AMG First Quarter 2 ...

Table of Contents ___________________________________________________________________________ __________________________________________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.01 par value) AMG New York Stock Exchange 5.875% Junior Subordinated Notes due 2059 MGR New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR ...

Affiliated Managers Group Inc. (NYSE:AMG) Q4 2019 Earnings Conference Call February 3, 2020 8:30 AM ET Company Participants Anjali Aggarwal - Vice President, Investor Relations Jay Horgen - President and Chief Executive Officer Tom Wojcik - Chief Financial Officer Conference Call Participants Bill Katz - Citi Craig Siegenthaler - Credit Suisse Chris Shutler - William Blair Dan Fannon - Jefferies. Mike Carrier - Bank of America/Merrill Lynch Patrick Davitt - Autonomous Research Robert Lee - KBW Ryan Bailey - ...