Company: MGRE
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001004434-25-000010
Chunk: 3

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 3
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Item 1.Business 

Overview

AMG is a strategic partner to leading independent investment firms globally.  Our strategy is to generate long-term value 

by investing in high-quality independent partner-owned firms, which we refer to as “Affiliates,” through a proven partnership 

approach, and allocating resources across our unique opportunity set to the areas of highest growth and return.  

We believe that high-quality, partner-owned firms have fundamental competitive advantages in meeting client objectives.  

With their entrepreneurial, investment-centric cultures, and deep alignment of interests with clients through direct equity 

ownership by firm principals, independent firms have an ownership mindset, a long-term orientation to building their firms, and 

the ability to act nimbly to capitalize on market movements, enabling them to offer unique return streams to the marketplace.  

AMG’s distinctive partnership approach magnifies the existing advantages of our independent Affiliates and actively 

supports their ongoing independence and ownership culture.  Our innovative model enables each Affiliate’s management team 

to retain autonomy and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, 

including access to growth capital, product strategy and distribution through our capital formation capabilities, succession 

planning, and strategic advisory, to expand their reach, diversify their businesses, and enhance their long-term success.  

Given that our Affiliates operate across alternatives and differentiated long-only strategies, we believe AMG is highly 

diversified.  Our Affiliates manage numerous differentiated strategies across a range of return-oriented asset classes and 

structures across alternatives (including private markets and liquid alternatives) and differentiated long-only (including equities 

and multi-asset and fixed income).  We have built a highly diversified portfolio of Affiliates over time, and the underlying 

diversity by strategy, product, and client type enhances our earnings stability across all stages of a market cycle, and therefore 

our ability to consistently invest in the areas of highest growth and return to generate value for shareholders. 

Our Strategy

We generate long-term value by investing in high-quality independent partner-owned firms and allocating resources across 

AMG’s unique opportunity set to the areas of highest growth and return.  Our business generates significant cash flow, which 

we deploy toward growth investments and return of capital to shareholders, primarily through share repurchases. 

Our growth investments are focused on: (i) partnering with high-quality new Affiliates operating in secular demand areas; 

(ii) investing in and alongside our existing Affiliates to capitalize on