Company: MGRE
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001004434-25-000010
Chunk: 20

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 20
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 our minority investment in NorthBridge Partners, LLC 

(“NorthBridge”), a private markets manager specializing in industrial logistics real estate assets.  Following the close of the 

transaction, NorthBridge partners continue to hold a significant majority of the equity of the firm and direct its day-to-day 

operations.  The financial results will be recognized in the Consolidated Financial Statements one quarter in arrears.

Operating Performance Measures

Under accounting principles generally accepted in the U.S. (“GAAP”), we are required to consolidate certain of our 

Affiliates and use the equity method of accounting for others.  Whether we consolidate an Affiliate or use the equity method of 

accounting, we maintain the same innovative partnership approach and provide support and assistance in substantially the same 

manner for all of our Affiliates.  Furthermore, all of our Affiliates are investment managers and are impacted by similar 

marketplace factors and industry trends.  Therefore, certain key aggregate operating performance measures are important in 

providing management with a comprehensive view of the operating performance and material trends across our entire business.

 The following table presents our key aggregate operating performance measures:

As of and for the Years Ended December 31,(in billions, except as noted)20222023% Change2024% ChangeAssets under management       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$650.8$672.73%$707.95%Average assets under management    . . . . . . . . . . . . . . . . . . . . . . . . .709.4660.3(7)%700.56%Aggregate fees (in millions)     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,560.55,066.6(9)%5,236.03%

Assets under management, and therefore average assets under management, include the assets under management of our 

consolidated and equity method Affiliates.  Assets under management is presented on a current basis without regard to the 

timing of the inclusion of an Affiliate’s financial results in our operating performance measures and Consolidated Financial 

Statements.  Average assets under management reflects the timing of the inclusion of an Affiliate’s financial results in our 

operating performance measures and Consolidated Financial Statements.  Average assets under management for mutual funds 

and similar