AFFILIATED MANAGERS GROUP Business Summary

Affiliated Managers Group, Inc. (AMG) operates a specialized multi-boutique business model, generating revenue through an "economic interest" framework where it acquires equity stakes in independent, partner-owned investment firms. Its revenue streams are primarily composed of asset-based management fees and performance fees calculated as a percentage of its Affiliates' Assets Under Management (AUM), which are diversified across fundamental global equities, private markets, and liquid alternatives. AMG functions as a strategic partner, providing global distribution, operational scaling, and succession planning capital while allowing Affiliates to maintain investment autonomy. In the competitive landscape, AMG vies for market share against integrated asset managers like T. Rowe Price, Franklin Resources, and Invesco, as well as alternative-focused firms like Blackstone. AMG differentiates itself by occupying a unique market position as the leading provider of permanent capital to independent firms, bridging the gap between boutique agility and institutional scale. Founded in 1993 by William J. Nutt, AMG is currently led by President and CEO Jay C. Horgen, a veteran executive with a background in investment banking at Goldman Sachs and Merrill Lynch who has been instrumental in the firm’s pivot toward private markets. The leadership team also features Thomas M. Wojcik, serving as Chief Operating Officer and Chief Financial Officer, who oversees global strategy and capital allocation. The company’s Board of Directors includes prominent industry figures such as Chair Dwight D. Churchill, formerly of Fidelity Investments, and Reuben Jeffery III, a former Under Secretary of State and Goldman Sachs partner. AMG’s ownership structure is characterized by significant institutional backing from major entities including The Vanguard Group, BlackRock, and State Street, reinforcing its stability and influence within the global financial services sector.