Company:Affiliated Managers Group

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Short description: American Investment Company
Affiliated Managers Group, Inc.
TypePublic
IndustryFinancial services
Headquarters
West Palm Beach, Florida
,
U.S.
Area served
Worldwide
Key people
Dwight D. Churchill (Chairman)
Jay C. Horgen (CEO)
Thomas Wojcik (CFO)
ProductsFinancial investments
RevenueIncrease US$2.33 billion (2022)[1]
Increase US$771 million (2022)[1]
DecreaseUS$1.15 billion (2022)[1]
AUMDecrease US$651 billion (2022 Q4)[2]
Total assetsIncreaseUS$8.881 billion (2022)[1]
Total equityUS$4.176 billion (2022)[1]
Number of employees
250 (2022)[1]
Websiteamg.com

Affiliated Managers Group, Inc. (NYSE: AMG) is a strategic partner to independent investment management firms globally, with equity stakes in a number of partner-owned traditional investment managers, hedge funds, and specialized private equity firms which it calls “Affiliates.”[3] The company has principal offices in West Palm Beach, Florida; Prides Crossing, Massachusetts; Stamford, Connecticut; and London, United Kingdom.[3] The company was founded in December 1993 by William J. Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates;[4] Its initial public offering on the New York Stock Exchange occurred in November 1997.[5]  Today, AMG's Affiliates manage $651 billion[6] in assets in aggregate.

AMG's strategy is to generate value by investing in an array of independent firms and supporting their long-term growth, through an approach in which significant equity ownership is retained by the management partners of each Affiliate, and each Affiliate operates and invests autonomously from AMG and from other Affiliates.[7][8]  The Affiliate principals’ ‘skin in the game’[9] incentivizes them to maximize long-term value creation, and their retained investment independence preserves the entrepreneurial cultures of each Affiliate firm.[10]  AMG's approach aligns incentives between AMG shareholders, Affiliate principals, and Affiliate clients, and is unique in the investment industry.[11][12][13]  AMG also offers its Affiliates growth capital, distribution and marketing capabilities, and other strategic support, and its intention is to "magnify" its Affiliates’ growth opportunities without interfering in their operations.[14]

History

In 1993, AMG was founded by William Nutt.[15]

In 1997, AMG invested in Tweedy, Browne[16] and completed its initial public offering, listing on the New York Stock Exchange.

In 2004, AMG established a U.S. retail platform which would enable its Affiliates to manufacture, market, and distribute products to the U.S. wealth marketplace.[17]  AMG also made a minority investment in AQR, a quantitative investment manager and hedge fund firm, its first investment in an alternative investment firm, and its first minority investment.[18][19]

In 2005, Sean M. Healey was named chief executive officer.[20]

In 2007, AMG opened its first non-U.S. institutional distribution office in Sydney, Australia,[21] to provide sales and marketing services to institutional clients in Australia and New Zealand.  Today, AMG operates distribution capabilities serving the Asia, Australia, Europe / U.K., and Middle East marketplaces.[22]

In 2009, AMG announced investments in Harding Loevner and Gannett Welsh & Kotler.[23]

In 2010, AMG acquired a majority stake in Pantheon Ventures.[24]  The private equity company was AMG's largest investment to date.  AMG also invested in Artemis Investment Management.[25]

In 2016, AMG made an investment in leading technology-driven liquid alternative firm Systematica Investments.[26]

In 2018, after being diagnosed with ALS, Sean Healey stepped down from his position as chief executive officer. He died in May 2020.[20]  Nathaniel Dalton, previously president and chief operating officer, succeeded him.[27]

In 2019, Jay Horgen succeeded Dalton as president and chief executive officer.[28]  Horgen joined AMG in 2007 and previously served as chief financial officer, as well as executive vice president, focusing on investments in new AMG Affiliates.[29]

In 2021, AMG invested in four companies, including Parnassus Investments, the largest ESG-dedicated fund manager in the U.S.[30]

In 2022, AMG increased its investment in Systematica Investments, a quantitative and systematic investment firm.[31]

Other Information

AMG is known for its research,[32][33][34] on independent firms’ advantages in consistently generating excess returns.[35]

The company is also known for its commitment to corporate citizenship and community engagement.[36]  AMG was a founding donor to the Sean M. Healey and AMG Center for ALS at Massachusetts General Hospital,[37] and continues to support the Center with fundraising and charitable events.

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Affiliated Managers Group Key Financial Metrics". AMG. https://ir.amg.com/#financial-information. 
  2. ↑ [1], AMG.
  3. ↑ 3.0 3.1 "Inline XBRL Viewer". https://www.sec.gov/ix?doc=/Archives/edgar/data/0001004434/000100443422000017/amg-20211231.htm. 
  4. ↑ "AMG CEO Healey gets chairman's seat". https://www.bizjournals.com/boston/news/2010/10/26/amg-ceo-healey-gets-chairmans-seat.html. 
  5. ↑ Kahn, Virginia Munger (November 16, 1997). "AT THE GATE; A Ticket to the Fast Lanes Of Money Management" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/1997/11/16/business/at-the-gate-a-ticket-to-the-fast-lanes-of-money-management.html. 
  6. ↑ "Affiliated Managers (AMG) Q4 Earnings Beat on Lower Expenses" (in en-US). https://finance.yahoo.com/news/affiliated-managers-amg-q4-earnings-142602988.html. 
  7. ↑ Foster, Mike. "AMG's Sean Healey defends his corner" (in en-GB). https://www.fnlondon.com/articles/amg-sean-healey-defends-his-corner-20160817. 
  8. ↑ "Fund houses buy up 'alts' specialists to move beyond equities and bonds". Financial Times. March 25, 2022. https://www.ft.com/content/c8d45e1f-e30b-411e-81e1-cfb78bf57fc4. 
  9. ↑ Effinger, Anthony; Bhaktavatsalam, Sree Vidya (July 21, 2012). "AMG's Sean Healey key to success: Let the fund managers manage" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/amgs-sean-healey-key-to-success-let-the-fund-managers-manage/2012/07/20/gJQAuX300W_story.html. 
  10. ↑ Ward, Sandra. "Betting Big on Boutiques" (in en). https://www.wsj.com/articles/SB50001424053111904502004575562203311654816. 
  11. ↑ "Sean Healey: a boutique buyer with distinctive qualities". https://www.ft.com/content/d135ceb4-2308-11df-a25f-00144feab49a. 
  12. ↑ "The Managers That Do Well During Volatile Times" (in en-gb). https://www.institutionalinvestor.com/article/b1l748lrwyy7tg/The-Managers-That-Do-Well-During-Volatile-Times. 
  13. ↑ "AMG: We Can Handle the Election, Industry M&A" (in en). October 27, 2020. https://www.ignites.com/c/2936523/365733?referrer_module=searchSubFromFF&highlight=amg. 
  14. ↑ "Affiliated Managers Group, Inc. (AMG) CEO Jay Horgen on Q2 2022 Results - Earnings Call Transcript | Seeking Alpha" (in en). August 1, 2022. https://seekingalpha.com/article/4528262-affiliated-managers-group-inc-amg-ceo-jay-horgen-on-q2-2022-results-earnings-call-transcript. 
  15. ↑ "AMG CEO Healey Coaxes Great Returns From Star Managers" (in en-gb). https://www.institutionalinvestor.com/article/b150y74v2rjbzm/amg-ceo-healey-coaxes-great-returns-from-star-managers. 
  16. ↑ "Affiliated Managers Group acquires 70 percent of Tweedy, Browne". https://www.bizjournals.com/boston/stories/1997/10/06/daily9.html. 
  17. ↑ NYSE Annual Report 2004 annualreports.com
  18. ↑ "AMG Announces Investment in AQR Capital Management". https://www.sec.gov/Archives/edgar/data/1004434/000110465904037480/a04-13875_1ex99d2.htm. 
  19. ↑ Barr, Alistair. "AMG buys stake in AQR hedge fund" (in EN-US). https://www.marketwatch.com/story/amg-acquires-stake-in-aqr-hedge-fund. 
  20. ↑ 20.0 20.1 "AMG founder Sean M. Healey dies" (in en). May 27, 2020. https://www.pionline.com/memoriam/amg-founder-sean-m-healey-dies. 
  21. ↑ "AMG to open Australian operation | Money Management" (in en). February 18, 2007. https://www.moneymanagement.com.au/news/financial-planning/amg-open-australian-operation. 
  22. ↑ "Affiliated Managers Group, Inc. (AMG) Company Profile & Facts - Yahoo Finance" (in en-US). https://finance.yahoo.com/quote/AMG/profile/. 
  23. ↑ "AMG buys, invests in asset managers" (in en-US). December 14, 2009. https://www.investmentnews.com/amg-buys-invests-in-asset-managers-16514. 
  24. ↑ "AMG Announces Acquisition of Private Equity Fund-of-Funds Manager Pantheon". https://ir.amg.com/news-releases/news-release-details/amg-announces-acquisition-private-equity-fund-funds-manager. 
  25. ↑ "AMG buys Artemis Investment Management" (in en). Reuters. February 2, 2010. https://www.reuters.com/article/funds-amg-idUKLNE61101820100202. 
  26. ↑ "AMG to buy stake in Systematica Investments from BlueCrest" (in en). Reuters. November 9, 2015. https://www.reuters.com/article/us-systematicainvestments-deal-idUSKCN0SY00D20151109. 
  27. ↑ "AMG appoints new CEO; Sean Healey shifts to executive chairman as he receives treatment for ALS" (in en). May 29, 2018. https://www.pionline.com/article/20180529/ONLINE/180529839/amg-appoints-new-ceo-sean-healey-shifts-to-executive-chairman-as-he-receives-treatment-for-als. 
  28. ↑ "AMG assets increase 5.2% for quarter; Jay C. Horgen named CEO" (in en). May 6, 2019. https://www.pionline.com/article/20190506/ONLINE/190509916/amg-assets-increase-5-2-for-quarter-jay-c-horgen-named-ceo. 
  29. ↑ "AMG Gets Jay Horgen". https://www.webwire.com/ViewPressRel.asp?aId=28466. 
  30. ↑ Norton, Leslie P.. "AMG to Buy ESG Fund Manager Parnassus for $600 Million" (in en-US). https://www.barrons.com/articles/amg-to-buy-parnassus-51625420672. 
  31. ↑ "Leda Braga, AMG Acquire BlueCrest's Stake in Hedge Fund Systematica" (in en). Bloomberg.com. January 18, 2022. https://www.bloomberg.com/news/articles/2022-01-18/braga-amg-acquire-bluecrest-s-stake-in-hedge-fund-systematica. 
  32. ↑ "The Boutique Advantage" (in en-US). https://www.amg.com/the-boutique-advantage/. 
  33. ↑ "Despite Losing Market Share, Smaller Asset Managers Keep Battling the Giants" (in en-gb). https://www.institutionalinvestor.com/article/b1v71tpc6z00x8/Despite-Losing-Market-Share-Smaller-Asset-Managers-Keep-Battling-the-Giants. 
  34. ↑ "Fund boutiques better at navigating frantic markets, study claims". https://citywire.com/americas/news/fund-boutiques-better-at-navigating-frantic-markets-study-claims/a1348735. 
  35. ↑ "Boutiques Beat Larger Managers With 'Remarkable Consistency'" (in en-gb). https://www.institutionalinvestor.com/article/b1bm2bdl8vm1w3/Boutiques-Beat-Larger-Managers-With-Remarkable-Consistency. 
  36. ↑ "amg-def14a_20220527.htm". https://www.sec.gov/Archives/edgar/data/1004434/000156459022014567/amg-def14a_20220527.htm. 
  37. ↑ Chesto, Jon (November 28, 2018). "Investment executive Sean Healey leads $40m donation to Mass. General to fight ALS" (in en-US). https://www.bostonglobe.com/metro/2018/11/28/investment-firm-donates-million-set-als-research-center-massachusetts-general-hospital/gmBFfsvJUIkMwJbjnWEgpJ/story.html. 

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