Affiliated Managers Group (AMG) Delivers Record Second Quarter 2026 Results
Key Highlights
- Record Assets Under Management (AUM): AUM reached \$942.4 billion at June 30, 2026, up 22% year-over-year, with \$171 billion growth driven by new Affiliate investments and strong net client flows.
- Exceptional Earnings Growth: Q2 2026 diluted EPS was \$6.95 (up 148% YoY); Economic EPS reached \$8.29, up 54% YoY. Adjusted EBITDA rose 44% YoY to \$316 million.
- Massive Alternative Strategy Inflows: AMG posted record net inflows into alternative strategies of \$29 billion in Q2 and \$58 billion for the first half of 2026. Total net client cash flows were \$12.9 billion for the quarter and \$35.5 billion YTD.
- Continued Shareholder Returns: AMG repurchased \$189 million in common stock in Q2, totaling \$375 million for H1 2026. The company declared a cash dividend of \$0.01 per share, payable August 24, 2026.
- Operational Performance: Aggregate fees for Q2 rose to \$1.661 billion (from \$1.174 billion a year ago). Consolidated revenue increased to \$640.7 million, while net income (controlling interest) nearly doubled to \$185.9 million.
- Strategic Growth: AMG continues to invest in new and existing Affiliates, expanding in high-growth areas, especially alternatives, private markets, and differentiated long-only strategies.
Management Commentary
Jay C. Horgen, President and CEO, commented: “AMG delivered another quarter of excellent results, with year-over-year growth in Adjusted EBITDA and Economic earnings per share of 44% and 54%, respectively. Net client cash flows of approximately \$13 billion in the quarter, and more than \$35 billion year-to-date, reflect the ongoing strength in alternative strategies, which generated net inflows of approximately \$29 billion in the quarter and approximately \$58 billion in the first half.”
He added, “Over the last 12 months, our assets under management have increased by approximately \$171 billion, or 22%, including approximately \$69 billion from growth investments in new Affiliates and approximately \$56 billion in net client cash flows. Looking ahead, we see increasing opportunities to invest in growth through both new and existing Affiliates, further expanding our participation in areas of secular demand and enhancing our long-term prospects.”
Horgen emphasized AMG’s unique competitive advantages, including “our worldwide reputation as a collaborative strategic partner to the highest-quality independent firms,” and affirmed the company’s positioning to “capitalize on attractive growth opportunities, drive durable earnings growth, and create meaningful long-term value for our shareholders.”
Detailed Financial Results (Q2 and H1 2026)
- AUM (Period End): \$942.4 billion (versus \$771.0 billion at June 30, 2025)
- Average AUM: \$920.9 billion for Q2, \$901.3 billion for H1
- Net Client Cash Flows: \$12.9 billion (Q2), \$35.5 billion (H1)
- Aggregate Fees: \$1,661.5 million (Q2), \$3,571.4 million (H1)
- Net Income (Controlling Interest): \$185.9 million (Q2), \$296.3 million (H1)
- Diluted EPS: \$6.95 (Q2), \$10.76 (H1)
- Economic EPS: \$8.29 (Q2), \$16.52 (H1)
- Adjusted EBITDA (Controlling Interest): \$316.0 million (Q2), \$633.3 million (H1)
- Economic Net Income (Controlling Interest): \$221.4 million (Q2), \$446.1 million (H1)
- Common Stock Repurchases: \$189 million (Q2), \$375 million (H1)
- Dividend Declared: \$0.01 per share, payable August 24, 2026
Segment and Strategy Insights
| Strategy | Q2 2026 AUM (\$bn) | Net Client Cash Flows Q2 (\$bn) | Net Client Cash Flows H1 (\$bn) |
|---|---|---|---|
| Private Markets | 153.3 | 7.8 | 12.0 |
| Liquid Alternatives | 293.2 | 21.1 | 45.8 |
| Equities | 321.9 | (14.5) | (23.6) |
| Multi-Asset & Fixed Income | 174.0 | (1.5) | 1.3 |
| Total | 942.4 | 12.9 | 35.5 |
Shareholder-Focused Developments & Price-Sensitive Items
- Record AUM and Alternative Inflows: Significant organic growth, especially in alternative assets, signals strong secular demand and could drive continued earnings momentum.
- Accelerated Share Repurchases: \$375 million bought back in H1 2026, reducing share count and likely enhancing per-share metrics, is a positive for shareholder value.
- Dividend Policy: The continued token dividend (\$0.01 per share) reinforces the company’s preference for capital returns via buybacks rather than cash dividends.
- Affiliate Transactions: The company completed the divestiture of an advisor team at myCIO Wealth Partners, LLC in June 2026, resulting in a pre-tax gain of \$14.6 million, which may affect future earnings composition.
- Balance Sheet Strength: AMG maintains significant financial flexibility, with \$411 million in cash, \$757.9 million in investments, and \$2.94 billion in equity method investments in Affiliates as of June 30, 2026. Debt increased to \$3.0 billion, balanced by growing equity and ongoing buybacks.
- Strategic Growth in New Affiliates: \$69 billion AUM growth attributed to new Affiliate investments in the past year positions AMG for future expansion in high-demand segments such as private markets and liquid alternatives.
Conference Call and Investor Access
AMG management held a conference call on July 30, 2026, to discuss these results. A replay and supporting presentation are accessible via AMG’s investor relations website.
Outlook and Forward-Looking Statements
Management expects increasing opportunities to invest in both new and existing Affiliates and to further expand in areas of secular growth. However, forward-looking statements are subject to risks including market volatility, regulatory changes, competition for acquisitions, Affiliate performance, and other factors as disclosed in AMG’s regulatory filings.
Conclusion
AMG’s record-setting quarter, highlighted by surging alternative asset inflows, robust earnings growth, and substantial share repurchases, underlines the company’s positive momentum and strategic focus on high-growth investment areas. Shareholders should note the company’s aggressive capital return policy, ongoing investment in Affiliates, and strong balance sheet, all of which may support further share price appreciation—but remain mindful of broader market and operational risks.
Disclaimer: This article is a summary and analysis for informational purposes only and does not constitute investment advice. Investors should review the company’s full filings and consult their advisors before making any investment decisions. Forward-looking statements are subject to risks as outlined in the company’s SEC filings.
