Company: MGRE
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001004434-25-000010
Chunk: 11

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1A
Chunk 11
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Item 1A.Risk Factors 

We and our Affiliates face a variety of risks that are substantial and inherent in our businesses.  The following are some of 

the more important factors that could affect our and our Affiliates’ businesses.  Investors should carefully consider these risks, 

along with the other information contained in this Annual Report on Form 10-K, before making an investment decision 

regarding our common stock or other publicly-listed securities.  There may be additional risks of which we are currently 

unaware, or which we currently consider immaterial.  Any of these risks could have a material adverse effect on our financial 

condition, results of operations, and the market price of our common stock.  Certain statements in “Risk Factors” are forward-

looking statements.  See “Forward-Looking Statements.”

RISKS RELATED TO OUR INDUSTRY, BUSINESS AND OPERATIONS

Our financial results depend on our Affiliates’ receipt of asset- and performance-based fees, and are impacted by investment 

performance, as well as changes in fee levels, product mix, and the relative levels of assets under management among our 

Affiliates.

Our financial results depend on our Affiliates’ receipt of asset- and performance-based fees, which may vary substantially 

from year to year.  Our Affiliates’ ability to grow or maintain current fee levels depends on a number of factors, including our 

Affiliates’ investment performance, as well as competition and trends in the investment management industry, such as investor 

demand for passively-managed products, including index and exchange traded funds, that typically carry lower fee rates, or 

preferences for other developing strategies or trends.  Further, different types of assets under management can generate different 

ratios of asset-based fees to assets under management (“asset-based fee ratio”), based on factors such as the investment strategy 

and the type of client.  Thus, a change in the composition of our assets under management, either within an Affiliate or among 

our Affiliates, could result in a decrease in our aggregate fees even if our aggregate assets under management remains 

unchanged or increases.  Products that use fee structures based on investment performance may also vary significantly from 

period to period, depending on the investment performance of the particular product.  For some of our Affiliates, performance-

based fees include benchmarks, such as a high-watermark provision, which generally provide that if a product underperforms 

on an absolute basis or relative to