Affiliated Managers Group (AMG) FY2025 results: revenue $2.1 billion, up 1.6% on the year

Affiliated Managers Group buys stakes in independent investment firms that are owned by their own partners, which it calls Affiliates. Each Affiliate keeps running its own business day to day, and its management usually keeps a large share of the equity. At December 31, 2025 the Affiliates together managed approximately $813 billion of client money.

How the partnership works

Each Affiliate sits in its own legal entity with an operating agreement written for it, and AMG's economic interest takes a form the company calls a structured partnership interest, which differs from firm to firm. In one form, which covers the Affiliates contributing a majority of consolidated revenue, the Affiliate passes a set percentage of its revenue to AMG and to its own management and uses the rest for operating expenses and further payouts to management. AMG therefore shares in rises and falls in an Affiliate's revenue, while only the Affiliate's management bears changes in its expenses, and AMG's share generally has priority over payouts to Affiliate management. In another form AMG shares in revenue less agreed expenses, and some stakes are accounted for under the equity method. Strategic decisions are led by the Affiliates, and AMG keeps certain rights to protect its own shareholders.

What the Affiliates manage

Of the $813 billion, approximately $146 billion was in private markets, approximately $227 billion in liquid alternatives, approximately $312 billion in equities and approximately $128 billion in multi-asset and fixed income strategies. The liquid alternatives include multi-strategy, global macro, relative value fixed income and trend-following strategies. The long-only strategies are sold mostly through mutual funds, ETFs, separately managed accounts and UCITS funds in the U.S. and abroad, and several Affiliates are wealth managers running multi-asset portfolios for their clients. Some also offer investment counseling and fiduciary services to high net worth individuals, families and institutions.

What AMG adds

Beyond capital, AMG offers its Affiliates product development, distribution and succession planning. It runs a U.S. wealth platform, with product development, operations and specialized sales teams, that sells Affiliate strategies to wealth clients, and distribution relationships across the U.S., Europe, the UK, the Middle East and Asia. The company reports launching four new alternative strategies and an active ETF in the past two years. For some Affiliates it also arranges succession from one generation of partners to the next.

Recent deals

The company describes a deliberate shift toward alternatives. In 2025 it took minority stakes in NorthBridge Partners, an industrial logistics real estate manager, Verition Fund Management, a multi-strategy firm, Montefiore Investment, a European private equity firm, and Qualitas Energy, a renewables infrastructure manager. A minority stake in BBH Credit Partners, a new credit business of Brown Brothers Harriman, was completed in January 2026, and an additional investment in Garda Capital Partners, an Affiliate since 2019, and a stake in HighBrook Investors were completed in February 2026. It also sold its interest in Peppertree Capital Management when TPG bought that firm, and received cash for its share of the private credit business Comvest Partners sold to Manulife.

People

At December 31, 2025 AMG and its Affiliates had approximately 5,600 employees. The substantial majority work for the Affiliates; AMG's own workforce is approximately 250 people.

From Affiliated Managers Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.