Affiliated Managers Group

Last updated

Affiliated Managers Group, Inc.
Company type Public
Industry Financial services
Headquarters
West Palm Beach, Florida
,
U.S.
Area served
Worldwide
Key people
Dwight D. Churchill (chairman)
Jay C. Horgen (CEO)
Thomas Wojcik (CFO)
Products Financial investments
RevenueIncrease2.svg US$2.33 billion (2022) [1]
Increase2.svg US$771 million (2022) [1]
Decrease2.svgUS$1.15 billion (2022) [1]
AUM Decrease2.svg US$651 billion (2022 Q4) [2]
Total assets Increase2.svgUS$8.881 billion (2022) [1]
Total equity US$4.176 billion (2022) [1]
Number of employees
250 (2022) [1]
Website amg.com

Affiliated Managers Group, Inc. (AMG) is an American financial services firm founded in 1993 and headquartered in West Palm Beach, Florida. The company's stock trades on the New York Stock Exchange under the symbol AMG, and is listed on the S&P 400 for mid-size American firms.

Contents

AMG operates as a strategic partner to independent investment management firms globally, with equity stakes in a number of partner-owned traditional investment managers, hedge funds, and specialized private equity firms which it calls “Affiliates.” [3] The company has principal offices in West Palm Beach, Florida; Prides Crossing, Massachusetts; Stamford, Connecticut; and London, United Kingdom. [3] The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates; [4] Its initial public offering on the New York Stock Exchange occurred in November 1997. [5]   Today, AMG's Affiliates manage $651 billion [6] in assets in aggregate.

AMG's strategy is to generate value by investing in an array of independent firms and supporting their long-term growth, through an approach in which significant equity ownership is retained by the management partners of each Affiliate, and each Affiliate operates and invests autonomously from AMG and from other Affiliates. [7] [8]   The Affiliate principals’ ‘skin in the game’ [9] incentivizes them to maximize long-term value creation, and their retained investment independence preserves the entrepreneurial cultures of each Affiliate firm. [10]   AMG's approach aligns incentives between AMG shareholders, Affiliate principals, and Affiliate clients, and is unique in the investment industry. [11] [12] [13]   AMG also offers its Affiliates growth capital, distribution and marketing capabilities, and other strategic support, and its intention is to "magnify" its Affiliates’ growth opportunities without interfering in their operations. [14]

History

Logo until 2023 Affiliated Managers Group logo.svg
Logo until 2023

In 1993, AMG was founded by William Nutt. [15]

In 1997, AMG invested in Tweedy, Browne [16] and completed its initial public offering, listing on the New York Stock Exchange.

In 2004, AMG established a U.S. retail platform which would enable its Affiliates to manufacture, market, and distribute products to the U.S. wealth marketplace. [17]   AMG also made a minority investment in AQR, a quantitative investment manager and hedge fund firm, its first investment in an alternative investment firm, and its first minority investment. [18] [19]

In 2005, Sean M. Healey was named chief executive officer. [20]

In 2007, AMG opened its first non-U.S. institutional distribution office in Sydney, Australia, [21] to provide sales and marketing services to institutional clients in Australia and New Zealand.  Today, AMG operates distribution capabilities serving the Asia, Australia, Europe / U.K., and Middle East marketplaces. [22]

In 2009, AMG announced investments in Harding Loevner and Gannett Welsh & Kotler. [23]

In 2010, AMG acquired a majority stake in Pantheon Ventures. [24]   The private equity company was AMG's largest investment to date.  AMG also invested in Artemis Investment Management. [25]

In 2016, AMG made an investment in leading technology-driven liquid alternative firm Systematica Investments. [26]

In 2018, after being diagnosed with ALS, Sean Healey stepped down from his position as chief executive officer. He died in May 2020. [20]   Nathaniel Dalton, previously president and chief operating officer, succeeded him. [27]

In 2019, Jay Horgen succeeded Dalton as president and chief executive officer. [28]   Horgen joined AMG in 2007 and previously served as chief financial officer, as well as executive vice president, focusing on investments in new AMG Affiliates. [29]

In 2021, AMG invested in four companies, including Parnassus Investments, the largest ESG-dedicated fund manager in the U.S. [30]

In 2022, AMG increased its investment in Systematica Investments, a quantitative and systematic investment firm. [31]

Other Information

AMG is known for its research, [32] [33] [34] on independent firms’ advantages in consistently generating excess returns. [35]

The company is also known for its commitment to corporate citizenship and community engagement. [36]   AMG was a founding donor to the Sean M. Healey and AMG Center for ALS at Massachusetts General Hospital, [37] and continues to support the Center with fundraising and charitable events.

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References

  1. 1 2 3 4 5 6 "Affiliated Managers Group Key Financial Metrics". AMG. Retrieved October 18, 2019.
  2. ↑ , AMG.
  3. 1 2 "Inline XBRL Viewer". www.sec.gov. Retrieved February 10, 2023.
  4. ↑ "AMG CEO Healey gets chairman's seat". www.bizjournals.com. Retrieved February 10, 2023.
  5. ↑ Kahn, Virginia Munger (November 16, 1997). "AT THE GATE; A Ticket to the Fast Lanes Of Money Management". The New York Times. ISSN   0362-4331 . Retrieved February 10, 2023.
  6. ↑ "Affiliated Managers (AMG) Q4 Earnings Beat on Lower Expenses". finance.yahoo.com. Retrieved February 10, 2023.
  7. ↑ Foster, Mike. "AMG's Sean Healey defends his corner". www.fnlondon.com. Retrieved February 10, 2023.
  8. ↑ "Fund houses buy up 'alts' specialists to move beyond equities and bonds". Financial Times. March 25, 2022. Retrieved February 10, 2023.
  9. ↑ Effinger, Anthony; Bhaktavatsalam, Sree Vidya (July 21, 2012). "AMG's Sean Healey key to success: Let the fund managers manage". Washington Post. ISSN   0190-8286 . Retrieved February 10, 2023.
  10. ↑ Ward, Sandra. "Betting Big on Boutiques". www.wsj.com. Retrieved February 10, 2023.
  11. ↑ "Sean Healey: a boutique buyer with distinctive qualities". www.ft.com. Retrieved February 10, 2023.
  12. ↑ "The Managers That Do Well During Volatile Times". Institutional Investor. Retrieved February 10, 2023.
  13. ↑ "AMG: We Can Handle the Election, Industry M&A". Ignites. October 27, 2020. Retrieved February 10, 2023.
  14. ↑ "Affiliated Managers Group, Inc. (AMG) CEO Jay Horgen on Q2 2022 Results - Earnings Call Transcript | Seeking Alpha". seekingalpha.com. August 1, 2022. Retrieved February 10, 2023.
  15. ↑ "AMG CEO Healey Coaxes Great Returns From Star Managers". Institutional Investor. Retrieved February 10, 2023.
  16. ↑ "Affiliated Managers Group acquires 70 percent of Tweedy, Browne". www.bizjournals.com. Retrieved February 10, 2023.
  17. ↑ NYSE Annual Report 2004 annualreports.com
  18. ↑ "AMG Announces Investment in AQR Capital Management". www.sec.gov. Retrieved February 10, 2023.
  19. ↑ Barr, Alistair. "AMG buys stake in AQR hedge fund". MarketWatch. Retrieved February 10, 2023.
  20. 1 2 "AMG founder Sean M. Healey dies". Pensions & Investments. May 27, 2020. Retrieved February 10, 2023.
  21. ↑ "AMG to open Australian operation | Money Management". www.moneymanagement.com.au. February 18, 2007. Retrieved February 10, 2023.
  22. ↑ "Affiliated Managers Group, Inc. (AMG) Company Profile & Facts - Yahoo Finance". finance.yahoo.com. Retrieved February 10, 2023.
  23. ↑ "AMG buys, invests in asset managers". InvestmentNews. December 14, 2009. Retrieved February 10, 2023.
  24. ↑ "AMG Announces Acquisition of Private Equity Fund-of-Funds Manager Pantheon". amg.com.
  25. ↑ "AMG buys Artemis Investment Management". Reuters. February 2, 2010. Retrieved February 10, 2023.
  26. ↑ "AMG to buy stake in Systematica Investments from BlueCrest". Reuters. November 9, 2015. Retrieved February 10, 2023.
  27. ↑ "AMG appoints new CEO; Sean Healey shifts to executive chairman as he receives treatment for ALS". Pensions & Investments. May 29, 2018. Retrieved February 10, 2023.
  28. ↑ "AMG assets increase 5.2% for quarter; Jay C. Horgen named CEO". Pensions & Investments. May 6, 2019. Retrieved February 10, 2023.
  29. ↑ "AMG Gets Jay Horgen". WebWire. Retrieved February 10, 2023.
  30. ↑ Norton, Leslie P. "AMG to Buy ESG Fund Manager Parnassus for $600 Million". www.barrons.com. Retrieved February 10, 2023.
  31. ↑ "Leda Braga, AMG Acquire BlueCrest's Stake in Hedge Fund Systematica". Bloomberg.com. January 18, 2022. Retrieved February 10, 2023.
  32. ↑ "The Boutique Advantage". AMG. Retrieved February 10, 2023.
  33. ↑ "Despite Losing Market Share, Smaller Asset Managers Keep Battling the Giants". Institutional Investor. Retrieved February 10, 2023.
  34. ↑ "Fund boutiques better at navigating frantic markets, study claims". citywire.com. Retrieved February 10, 2023.
  35. ↑ "Boutiques Beat Larger Managers With 'Remarkable Consistency'". Institutional Investor. Retrieved February 10, 2023.
  36. ↑ "amg-def14a_20220527.htm". www.sec.gov. Retrieved February 10, 2023.
  37. ↑ Chesto, Jon (November 28, 2018). "Investment executive Sean Healey leads $40m donation to Mass. General to fight ALS". BostonGlobe.com. Retrieved February 10, 2023.
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