Company: MGRE
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001004434-25-000010
Chunk: 12

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1A
Chunk 12
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 a specified benchmark, it must regain such underperformance before the Affiliate will earn 

any performance-based fees.  In addition, in the ordinary course of business, our Affiliates may reduce or waive fees on certain 

products for particular time periods, to attract or retain assets or for other reasons.  No assurances can be given that our 

Affiliates will be able to grow or maintain current fee structures or levels, or that certain strategies they offer will be in demand 

at any given time.  A reduction in the fees that our Affiliates receive could have an adverse impact on our financial condition 

and results of operations. 

Additionally, our structured partnership interests are tailored to meet the needs of each Affiliate and are therefore varied, 

and our earnings may be adversely affected by changes in the relative performance or in the relative levels and mix of assets 

under management among our Affiliates, independent of our aggregate operating performance measures.  Challenging market 

conditions, volatility or slowdowns affecting a particular asset class, client type, product structure, geographic region, industry 

or other category of investment could have a significant adverse impact on a specific Affiliate if its investments are 

concentrated in that area, which could result in lower investment returns and in turn, lower fees earned at that Affiliate.  Further, 

certain Affiliates contribute more significantly to our results than other Affiliates and, therefore, changes in fee levels, product 

mix, assets under management, or investment performance of such Affiliates could have a disproportionate adverse impact on 

our financial condition and results of operations.

Our financial results could be adversely affected by any reduction in our assets under management, which could reduce the 

asset- and performance-based fees earned by our Affiliates.

Our financial results may be impacted by changes in the total level of our assets under management.  The total level of our 

assets under management generally or with respect to particular products or Affiliates could be adversely affected by conditions 

outside of our control, including: 

•a decline in the market value of our assets under management, due to declines or heightened volatility in the capital 

markets, fluctuations in foreign currency exchange rates and interest rates, inflation, changes in the yield curve, and 

other market factors; 

•changes in investor risk tolerance or investment preferences, which could result in investor allocations away from  

strategies and products offered by our Affiliates;