Company: MGRE
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001004434-25-000010
Chunk: 19

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 19
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Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following executive overview, which summarizes the significant trends affecting our results of operations and financial 

condition, as well as the remainder of this Management’s Discussion and Analysis of Financial Condition and Results of 

Operations of Affiliated Managers Group, Inc. and its subsidiaries, should be read in conjunction with the “Forward-Looking 

Statements” section set forth in Part I, the “Risk Factors” section set forth in Item 1A of Part I and with our Consolidated 

Financial Statements and the notes thereto contained elsewhere in this Annual Report on Form 10-K, and in any more recent 

filings with the SEC.

Our discussion and analysis of the key operating performance measures and financial results for fiscal year 2024 

compared to fiscal year 2023 is included herein.  For discussion and analysis of fiscal year 2023 compared to fiscal year 2022, 

please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II 

in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on 

February 16, 2024.  

Executive 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.  With their 

entrepreneurial, investment-centric cultures and alignment of interests with clients through direct equity ownership by firm 

principals, independent firms have fundamental competitive advantages in offering unique return streams to the marketplace.  

Through AMG’s distinctive approach, we enhance these advantages to magnify the long-term success of our Affiliates and 

actively support their independence.  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 growth 

capital, product strategy and development, capital formation, and incentive alignment and succession planning.  As of 

December 31, 2024, our aggregate assets under management were approximately $708 billion across a diverse range of 

private markets, liquid alternatives, and differentiated long-only investment strategies.

On February 6, 2025, we announced the completion of