Affiliated Managers Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Affiliated Managers Group, Inc. (AMG) has filed its 2023 10-K report detailing its financial performance and position.</b>

AI Summary

AFFILIATED MANAGERS GROUP, INC. (MGRE) filed a Annual Report (10-K) with the SEC on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. Affiliated Managers Group, Inc. is incorporated in Delaware. The company's principal business is Investment Advice (SIC 6282). Key financial instruments mentioned include various junior subordinated notes with different interest rates and maturity dates. The filing includes detailed financial data for the fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking AFFILIATED MANAGERS GROUP, INC., this filing contains several important signals. This 10-K provides a comprehensive overview of AMG's financial health and operational activities for the past fiscal year, crucial for investors assessing the company's stability and growth prospects. The detailed financial statements and disclosures within the report are essential for understanding AMG's asset management business, its debt structure, and its overall market standing.

Risk Assessment

Risk Level: medium — AFFILIATED MANAGERS GROUP, INC. shows moderate risk based on this filing. The company operates in the investment management industry, which is subject to significant market volatility and regulatory changes, as evidenced by the numerous financial instruments and disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand AMG's performance drivers and potential challenges in the asset management sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 001-13459 — SEC File Number (SEC registration number)
• 24648424 — Film Number (SEC film identifier)

Key Players & Entities

• AFFILIATED MANAGERS GROUP, INC. (company) — Filer name
• MGRE (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-16 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 6282 (industry_code) — Standard Industrial Classification
• 043218510 (tax_id) — IRS number
• 777 SOUTH FLAGLER DRIVE (address) — Business address

FAQ

Risk Factors

• Market Conditions [high — market]: The company's financial performance is significantly influenced by market conditions, including fluctuations in equity and fixed income markets, which can impact asset values and investment returns.
• Regulatory Environment [medium — regulatory]: Changes in laws and regulations affecting the investment management industry, including tax laws and compliance requirements, could adversely affect the company's operations and profitability.
• Debt Obligations [medium — financial]: The company has substantial debt obligations, and its ability to service this debt is dependent on its financial performance and market conditions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by AMG, providing detailed financial and operational information for investors.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) AMG New York Stock Exchange
• $149.89 — strant, based upon the closing price of $149.89 on June 30, 2023 on the New York Stock
• $673 billion — ets under management were approximately $673 billion across a diverse range of private marke

Filing Documents

• amg-20231231.htm (10-K) — 2423KB
• amg_exhibit1019x123123.htm (EX-10.19) — 28KB
• amg_exhibit1020x123123.htm (EX-10.20) — 135KB
• amg_exhibit21x12312023.htm (EX-21) — 33KB
• amg_exhibit23x12312023.htm (EX-23) — 4KB
• amg_exhibit311x12312023.htm (EX-31.1) — 11KB
• amg_exhibit312x12312023.htm (EX-31.2) — 11KB
• amg_exhibit321x12312023.htm (EX-32.1) — 6KB
• amg_exhibit322x12312023.htm (EX-32.2) — 6KB
• amg_exhibit97x123123.htm (EX-97) — 32KB
• amg-20231231_g1.gif (GRAPHIC) — 15KB
• amg-20231231_g2.jpg (GRAPHIC) — 75KB
• amg-20231231_g3.jpg (GRAPHIC) — 77KB
• amg-20231231_g4.jpg (GRAPHIC) — 47KB
• amg-20231231_g5.jpg (GRAPHIC) — 35KB
• 0001004434-24-000010.txt (&nbsp;) — 14123KB
• amg-20231231.xsd (EX-101.SCH) — 105KB
• amg-20231231_cal.xml (EX-101.CAL) — 124KB
• amg-20231231_def.xml (EX-101.DEF) — 494KB
• amg-20231231_lab.xml (EX-101.LAB) — 1139KB
• amg-20231231_pre.xml (EX-101.PRE) — 758KB
• amg-20231231_htm.xml (XML) — 2170KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 80 Item 9A.

Controls and Procedures

Controls and Procedures 80 Item 9B. Other Information 80 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III Item 10. Directors, Executive Officers and Corporate Governance 81 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81 Item 13. Certain Relationships and Related Transactions, and Director Independence 81 Item 14. Principal Accountant Fees and Services 81 PART IV Item 15. Exhibit and Financial Statement Schedules 82 Item 16. Form 10-K Summary 82 i Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K, in our other filings with the Securities and Exchange Commission (the "SEC"), in our press releases, and in oral statements made with the approval of an executive officer may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements, and may be prefaced with words such as "outlook," "guidance," "believes," "expects," "potential," "preliminary," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "projects," "positioned," "prospects," "intends," "plans," "estimates," "pending investments," "anticipates," or the negative version of these words or other comparable words. Such statements are subject to certain risks and uncertainties, including, among others, the factors discussed under the caption "Item 1A. Risk Factors." These factors (among others) could affect our financial condition, business activities, results of operations, cash flows, or overall financial performance and cause actual results and business activities to differ materially from historical periods and those presently anticipated and projected. Forward-looking statements speak only as of the date they are made, and we will not undertake and we specifically disclaim any obligation to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events, whether or not anticipated. In that respect, we caution readers not to place undue reliance on any such forward-looking statements. References throughout this report to "AMG," "we," "us," "our," the "Company" and similar refere

Business

Item 1. Business AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value by investing in a diverse array of high-quality independent partner-owned firms, referred 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, 2023, our aggregate assets under management were approximately $673 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. We generate long-term value by investing in new and existing Affiliates, and strategic value-add capabilities through which we can leverage our scale and resources on behalf of our Affiliates, and then by returning excess capital to shareholders, primarily through share repurchases. We are focused on investing in areas of secular growth and long-term client demand, including in private markets, liquid alternatives, Asia, wealth management, and sustainable investing; accordingly, we partner with leading independent investment firms managing differentiated strategies in the aforementioned growth areas. Through our partnership approach, we hold meaningful equi

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