Company reports EPS of $3.41, Economic EPS of $4.28 in first quarter of 2021
u Invested in OCP Asia, a leading alternative manager in private markets providing customized lending solutions across Asia
u Evolved AMG's U.S. wealth distribution platform, expanding commitment to Affiliate growth and improving client outcomes
u Net Income (controlling interest) of $150 million, Economic Net Income of $185 million
u Adjusted EBITDA of $247 million, representing 23% year-over-year growth, primarily driven by Affiliate investment performance
u Repurchased $210 million in common stock during the quarter
WEST PALM BEACH, FL, May 3, 2021 — Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for
the first quarter of 2021.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG reported growth of 23% in Adjusted EBITDA and 35% in Economic earnings per share relative to the year-ago quarter, our third
consecutive quarter of year-over-year growth, further demonstrating positive momentum across the business. Our results reflect strong
Affiliate investment performance, improving organic growth trends, and the consistent execution of our growth strategy. Net client cash
flows were positive excluding certain quantitative strategies, driven by strength in private markets, specialty fixed income, wealth
management, and ESG strategies. With continued momentum in these secular growth areas, including through our strategic focus on new
investments, along with increasing demand for active equities, particularly value-and impact-oriented strategies, AMG is well-positioned for
future organic growth.
“As economic activity accelerates and the macro environment presents additional favorable opportunities for active managers, we
continue to focus on our core competitive advantages and invest for growth across new Affiliates, existing Affiliates, and our value-added
central capabilities. During the quarter, we evolved our U.S. wealth distribution platform for the benefit of clients, by enhancing the quality
of our product offering, lowering fees, and clarifying our presence in the market as the premier partner to world-class independent
investment firms, all while aligning our capital and resources more fully with our Affiliate partners and their greatest opportunities for
growth.
“Given the evolving competitive landscape and the strategic investments we have made over the last two years, AMG’s partnership
approach is resonating with a broader and more diverse array of high-quality independent firms operating in areas of strong client demand.
Our partnership solutions and strategic capabilities are increasingly differentiated components of our approach, as evidenced by the series
of new partnerships we have established over the last year. Most recently, we are pleased to welcome our newest Affiliate, OCP Asia, a
leading alternative manager providing customized lending solutions with deep expertise in investing across private credit markets in Asia.
Looking ahead, with our strong balance sheet and significant cash generation, we are well-positioned to capitalize on the considerable and
growing opportunity set ahead, further enabling us to compound earnings growth and create significant shareholder value over time.”

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