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 September 30, 2019 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 04-321 ...

Affiliated Managers Group, Inc. (NYSE:AMG) Q3 2019 Earnings Conference Call October 28, 2019 8:30 AM ET Executives Jay Horgen - President & CEO Tom Wojcik - CFO Anjali Aggarwal - VP, IR Analysts Chris Shutler - William Blair Craig Siegenthaler - Credit Suisse Alex Blostein - Goldman Sachs Ben Herbert - Citigroup Dan Fannon - Jefferies Mike Carrier with Bank - America Merrill Lynch Operator Greetings and welcome to the AMG Third Quarter 2019 Earnings Call. At this time, all participants are in a listen-only ...

QuickLinks -- Click here to rapidly navigate through this document UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q For the quarterly period ended June 30, 2019 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) (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURIT ...

Affiliated Managers Group, Inc. (NYSE:AMG) Q2 2019 Earnings Conference Call July 29, 2019 8:30 AM ET Company Participants Anjali Aggarwal - VP, IR Jay Horgen - President & CEO Tom Wojcik - CFO Conference Call Participants Robert Lee - KBW Craig Siegenthaler - Credit Suisse Alex Blostein - Goldman Sachs Bill Katz - Citi Chris Shutler - William Blair Patrick Davitt - Autonomous Research Mike Carrier - Bank of America Brian Bedell - Deutsche Bank Dan Fannon - Jefferies Operator Greetings and welcome to the AMG ...

Assets Under Management - As of March 31, 2019, the company's aggregate assets under management were $774.2 billion, a decrease of 7% from $830.9 billion in 2018[112][115]. - Average assets under management for the three months ended March 31, 2019, were $772.6 billion, reflecting a decline of $67.1 billion or 8% compared to the same period in 2018[122]. - Average assets under management for equity method Affiliates decreased to $373.6 billion, an 8% decline compared to $406.4 billion for the same period in 2018[140]. Financial Performance - Aggregate fees for the three months ended March 31, 2019, were $1,252.0 million, a decrease of $396.7 million or 24% compared to $1,648.7 million in the same period of 2018[125]. - The decrease in aggregate fees was attributed to a $254.1 million or 15% decline in performance-based fees and a $142.6 million or 9% decline in asset-based fees[125]. - Net income (loss) attributable to controlling interest for the three months ended March 31, 2019, was $(200.8) million, compared to $153.0 million for the same period in 2018[126]. - Adjusted EBITDA (controlling interest) decreased by $70.9 million or 25% to $215.6 million for the three months ended March 31, 2019[127]. - Economic net income (controlling interest) also decreased by $46.2 million or 21% to $169.0 million for the same period[126]. - Consolidated revenue decreased by $69.3 million or 11% for the three months ended March 31, 2019, primarily due to a $62.2 million or 10% decrease from asset-based fees[133]. - Economic net income (controlling interest) for the three months ended March 31, 2019, was $169.0 million, compared to $215.2 million for the same period in 2018, reflecting a decrease of approximately 21.5%[155]. - Economic earnings per share for the three months ended March 31, 2019, was $3.26, down from $3.92 in the same period of 2018, indicating a decline of about 16.8%[155]. Cash Flows and Liquidity - Net client cash flows for the three months ended March 31, 2019, were $(7.4) billion, with client cash inflows of $30.9 billion and outflows of $38.3 billion[120]. - Operating cash flow decreased by $222.9 million for the three months ended March 31, 2019, primarily due to a $129.2 million decrease in distributions received from equity method investments[157]. - Cash and cash equivalents decreased from $565.5 million as of December 31, 2018, to $305.2 million as of March 31, 2019[157]. - Financing cash flows decreased by $69.4 million for the three months ended March 31, 2019, primarily due to a $101.9 million decrease in net repurchases of common stock[160]. - The company issued $280.0 million of junior subordinated notes on March 27, 2019, with a fixed interest rate of 5.875% per annum[164]. - As of March 31, 2019, the company had a remaining capacity of approximately $1.2 billion under its revolving credit facility[163]. - The company anticipates repurchasing approximately $150 million of Affiliate equity in 2019[170]. Expenses and Impairments - Compensation and related expenses decreased by $38.5 million or 14% for the three months ended March 31, 2019, primarily due to a decrease in compensation expenses at Affiliates[135]. - Intangible amortization and impairments increased by $408.2 million for the three months ended March 31, 2019, primarily due to a $415.0 million expense to reduce the carrying value of a U.S. credit alternative Affiliate[142]. - Investment and other income decreased by $6.2 million or 44% for the three months ended March 31, 2019, primarily due to an 85% decrease from the valuation of other investments[143]. - Income tax expense decreased by $125.3 million for the three months ended March 31, 2019, primarily due to a decrease in income before taxes[145]. Market and Strategy - The company continues to see demand for active, return-oriented strategies, particularly in illiquid alternatives and multi-asset strategies, despite outflows in U.S. equity strategies[118]. - The company recognized a $415.0 million expense to reduce the carrying value of a U.S. credit alternative Affiliate to fair value[179]. - A 5% ownership interest in a non-U.S. credit alternative Affiliate will be acquired for $25.7 million, expected to complete in Q2 2019[174]. Currency Impact - A 1% change in the pound sterling to U.S. dollar exchange rate would result in a $3.7 million change in stockholders' equity[182]. - A 1% change in the Canadian dollar to U.S. dollar exchange rate would result in a $2.0 million change in stockholders' equity[182]. - For the three months ended March 31, 2019, a 1% change in the pound sterling would affect income before income taxes by $1.1 million[182]. - For the same period, a 1% change in the Canadian dollar would affect income before income taxes by $0.3 million[182]. Investment Impairment Testing - The company performs equity method investment impairment tests annually, or more frequently if necessary[178]. - No triggering events were identified for increased risk of impairment for remaining equity method investments in Affiliates during the three months ended March 31, 2019[180]. - The company uses discounted cash flow analyses for fair value assessments of equity method investments, considering various financial assumptions[177].