You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Advisors overwhelmingly look to private market assets to diversify risk in client portfolios, according to the fourth annual survey conducted by alts platform CAIS and financial consultancy Mercer. The survey also found that 90% of advisors currently allocate to alts and 88% plan to increase allocations over the next two years. In addition, almost half of the surveyed advisors (49%) on average a ...

Summary of Affiliated Managers Group (AMG) Conference Call - December 09, 2025 Company Overview - **Company**: Affiliated Managers Group (NYSE: AMG) - **Industry**: Asset Management - **Key Focus**: Transition towards alternative investment capabilities, which now represent over 50% of EBITDA [2][4][6] Core Points and Arguments Business Evolution and Strategy - AMG has successfully pivoted towards alternative investments, with alternatives now comprising approximately 55% of EBITDA, aiming for two-thirds in the coming years [2][4][6][8] - The growth in alternatives is driven by both organic growth and strategic acquisitions, with a focus on independent firms that align with AMG's investment strategy [5][6][7] - AMG has made four new investments and one strategic partnership in alternatives this year, contributing to the growth of its affiliate base [7][8] Acquisition Strategy - AMG's acquisition strategy focuses on smaller deals, typically with an enterprise value between $250 million and $1 billion, investing 20%-60% of the economics of the business [15][16][17] - The company emphasizes maintaining the independence of its affiliates while providing strategic support, including business development and product innovation [13][14] Organic Growth - Liquid alternatives have seen a significant turnaround, with AQR being a major contributor, managing approximately $45 billion in assets [18][19][21] - AMG has observed positive flows in liquid alternatives, with total alternative flows exceeding $50 billion, two-thirds of which are from liquid alts [21][22] - AQR's tax-aware strategies are highlighted as a durable trend, addressing the needs of high-net-worth individuals and wealth advisors [22][25][26] Private Markets - AMG's private markets strategy is focused on specialized areas, with Pantheon being a key affiliate [33][34] - The company aims to leverage its scale to provide unique access to differentiated return streams in private markets [35][36] Financial Performance and Capital Allocation - AMG has reduced its share count by approximately 40% over the last five years, indicating a strong capital return strategy through share repurchases [42][44] - The company anticipates continued share repurchases, viewing its current share price as attractive [47][48] - Performance fees have averaged around $150 million annually, with potential for growth as the business evolves [51][52] Outlook for 2026 - AMG expects continued momentum in alternative flows, with higher fees and margins contributing positively to earnings [56][57] - The company is not yet ready to provide specific guidance for 2026 but acknowledges a step function increase in flows and net effects from new investments [58][59] Additional Important Insights - AMG's unique position as a one-stop shop for various differentiated return streams allows it to capitalize on the trend of institutional LPs consolidating their relationships with fewer managers [35][36] - The company is exploring new product offerings in private markets, including structured credit and multi-asset products [39][40] This summary encapsulates the key points discussed during the conference call, highlighting AMG's strategic focus on alternatives, acquisition strategy, organic growth, financial performance, and outlook for the future.

Core Viewpoint - Priority Income Fund, Inc. has declared distributions for its preferred stock series, indicating ongoing income generation for investors [1][2]. Distribution Details - The Fund has announced the following distributions per share for its preferred stock series, all payable on December 31, 2025: - Series D: $0.43750 - Series J: $0.37500 - Series K: $0.43750 - Series L: $0.39844 - All series have an ex-dividend date and record date of December 23, 2025 [2]. Fund Overview - Priority Income Fund, Inc. is a registered closed-end fund focused on acquiring and growing a portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [3]. - The Fund is managed by Priority Senior Secured Income Management, LLC, which comprises a team from Prospect Capital Management L.P. [3]. Management Background - Prospect Capital Management L.P. has over 30 years of experience in managing high-yielding debt and equity investments, with $7.3 billion in assets under management as of September 30, 2025 [4]. Dealer-Manager Information - Preferred Capital Securities, LLC serves as the dealer-manager for Priority Income Fund, having raised over $4.9 billion in capital for various alternative investment strategies since its formation in 2013 [5].

Core Insights - The Chartered Alternative Investment Analyst Association (CAIA) has formed a strategic partnership with Franklin Templeton to enhance education and industry standards in alternative investments [1][2] - This collaboration aims to address the evolving landscape of investments, particularly the increasing importance of alternative investments in portfolio construction [2][4] Company Overview - Franklin Templeton has been active in the Middle East for over 20 years, establishing operations in the UAE in 2000 and being one of the first international asset managers in the Dubai International Financial Centre in 2004 [5] - The firm manages over $5 billion in Shariah-compliant assets as of October 2025, reflecting its commitment to Islamic finance and the regional market [5] Partnership Objectives - The partnership will focus on several initiatives, including the CAIA Charter program, sponsorship of CAIA Chapter events, and the development of a new Islamic Finance microcredential set to launch in 2026 [7] - A collaborative research report will be produced to analyze the Gulf's transition from a capital exporter to a global private capital hub [7] Industry Context - The partnership is positioned to respond to the growing client interest in private capital and alternative investments, emphasizing the need for ongoing education and professionalization in the industry [3][4] - The collaboration reflects a broader trend of blurring lines between public and private markets, driven by factors such as artificial intelligence and geopolitical instability [2]

Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1 - David A. Johnson has over 30 years of experience in investing and holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University [1] - He also possesses a Certificate in Financial Planning and an MBA from Fordham University [1]

Core Insights - The alternative investment technology space is becoming increasingly competitive with the launch of Aria, a tech portal aimed at Registered Investment Advisors (RIAs), by InspereX in collaboration with Luma and SUBSCRIBE [1][3] - Aria will provide access to fixed income, structured products, and alternative investments, enhancing the ability of RIAs to create custom portfolios for their clients [1][3] Company Summaries - InspereX operates the BondNav platform, focusing on fixed-income investments, and aims to empower RIAs with the Aria platform [2][3] - Luma specializes in annuities, life insurance, and structured products, and its technology will be integrated into Aria to enhance personalized investment strategies [2][3] - SUBSCRIBE is focused on automating and digitizing the investment process for alternatives, contributing its technology to support the Aria initiative [2][3] Industry Developments - The launch of Aria follows a year of significant technological development aimed at facilitating the adoption of private market investments within the wealth management sector [3] - Other notable industry movements include AssetMark's launch of private market investment options, Charles Schwab's acquisition of Forge Global Holdings, and partnerships involving KKR, Apollo Global Management, and others on the Corastone blockchain platform [4]

Core Insights - The number of public companies is decreasing, prompting investors to seek diversification in private markets, raising questions about the balance of opportunities and risks between public and private investments [1] - The IPO market is perceived as broken, with significantly fewer IPOs today compared to 20-30 years ago, leading to a call for reforms to improve access for retail investors [1][4] - There is a growing trend towards democratizing access to private investments for retail investors, allowing them to participate in a broader range of investment opportunities [4][5] Group 1: Public vs. Private Markets - The distinction between public and private markets is becoming less clear, with opportunities available in both sectors [1] - Large public tech companies are seen as key players in driving AI advancements, making it essential for private investors to understand their activities [1] - The mindset for investing in public and private markets differs, with public investments often requiring quicker returns while private investments allow for longer-term horizons [1] Group 2: IPO Market and Retail Access - The current IPO market is described as broken, with a significant decline in the number of IPOs, which limits retail investors' access to new public companies [1][4] - There is optimism about a potential recovery in the IPO market, with expectations for more high-quality companies to go public in the near future [1] - Retail investors are increasingly being encouraged to diversify into alternative investments, which can enhance portfolio performance [4][5] Group 3: Risk Management and Education - Emphasis is placed on the importance of educating retail investors about the risks associated with alternative investments to ensure informed decision-making [2][3] - The integration of semi-liquid products into retail portfolios is seen as beneficial, allowing investors to capture value over longer cycles [6][8] - There is a recognition that retail investors can be sophisticated and capable of understanding complex investment products, which supports the push for broader access to institutional-quality investments [2][3]

Core Insights - Vinci Compass Investments Ltd. has completed the acquisition of a 50.1% stake in Verde Asset Management, enhancing its position in the alternative investments sector in Latin America [1][3] - The acquisition adds approximately R$16 billion in assets under management (AUM), bolstering Vinci Compass's Global Investment Products & Solutions offerings [2][5] - The transaction is structured in two phases, with the first phase involving a controlling stake acquisition and the second phase planned for five years later to acquire the remaining 49.9% [3][4] Transaction Overview - The acquisition was announced on October 6, 2025, and closed on December 1, 2025, involving a mix of newly issued VINP Class A common shares and cash [3] - The payment for the acquisition is set in two installments, with the second contingent on revenue targets [3] - The transaction is expected to be immediately accretive on a double-digit basis to Free Cash Flow (FRE) per share and low-to-mid single-digit accretive to Distributable Earnings per share [4] Company Background - Vinci Compass is a leading provider of alternative investments and global solutions in Latin America, with nearly three decades of experience and R$316 billion in AUM as of September 2025 [5] - Verde Asset Management, founded in 2015, manages approximately R$16 billion and is recognized for its long-term investment strategies in Brazil [6]

Core Insights - The article evaluates the broader market backdrop with a focus on alternative investments, specifically gold and Bitcoin, highlighting their significance in the current investment landscape [1]. Market Overview - The author emphasizes a macro-focused investment strategy, identifying under-valued sectors and thematic ideas, particularly in metals, gold, and cryptocurrency [1]. - The article mentions various market indices and sectors, including DIA, VOO, QQQM, and XLE, indicating a diverse investment approach [1]. Alternative Investments - Gold (IAU) and Bitcoin (BTC-USD) are presented as key alternative investment options, with the author holding long positions in these assets [2]. - The article also discusses CEF (Gold & Silver) as part of the alternative investment strategy, suggesting a focus on precious metals [1][2]. Investment Strategy - The author co-manages a seven-figure investment account, demonstrating a successful investment journey that emphasizes diligent saving and investing [1]. - The investment group CEF/ETF Income Laboratory is highlighted for its managed income portfolios targeting reliable yields, appealing to both active and passive investors [1].

Core Insights - Longstreet Wealth Management has joined LPL Financial's broker-dealer and Registered Investment Advisor platform, managing approximately $175 million in advisory, brokerage, and retirement plan assets [1][9] - The team consists of Taylor Graves and Wayne Pierson, who bring nearly four decades of combined experience and serve a diverse client base including retirees, small business owners, farmers, ranchers, and entrepreneurs [2] Client Relationship Approach - The team emphasizes a personal touch and genuine empathy in client interactions, aiming to help clients navigate uncertainties and fears while maintaining balanced expectations [3] - By intentionally serving fewer clients, the team can build deeper relationships and provide thoughtful care [3] Reasons for Choosing LPL Financial - Longstreet Wealth Management sought greater flexibility and advanced technology for their clients, leading them to align with LPL [4] - The integration of LPL's technology platform with their existing customer relationship management software is expected to enhance efficiency and client experience [5] - LPL Financial offers more robust options in the alternative investments space, which is an attractive feature for the team [6] LPL Financial Overview - LPL Financial Holdings Inc. is one of the fastest-growing wealth management firms in the U.S., supporting over 32,000 financial advisors and managing approximately $2.3 trillion in brokerage and advisory assets [8]