AMG Economic Earnings Per Share Reach $9.50

The Tip Desk · November 9, 2026 · 3 min read

Net client cash flows were $20.7 billion in the third quarter as alternative strategies posted record inflows of more than $31 billion.

Affiliated Managers Group (AMG), a strategic partner to independent investment managers, reported economic earnings of $9.50 a share for the third quarter ended September 30, 2026, up 56% from a year earlier, as alternative strategies posted record net inflows of more than $31 billion.

GAAP results told a different story. Net income attributable to the controlling interest was $173.3 million, or $6.64 a share, down from $212.4 million, or $6.87 a share, in the year-ago quarter. The year-ago period included $127.6 million of affiliate transaction gains from the sale of AMG’s equity interest in Peppertree Capital Management; the third quarter of 2026 included none.

Adjusted EBITDA attributable to the controlling interest was $353.7 million, up 41% from $250.9 million a year earlier. Consolidated revenue was $595.2 million. Equity method income (net) was $159.2 million, versus $88.5 million a year earlier. Compensation and related expenses were $269.7 million. Selling, general and administrative expenses were $120.7 million. Interest expense was $40.7 million.

Assets under management reached a record $973.9 billion at September 30, 2026, from $942.4 billion at June 30. Average AUM in the third quarter was $956.9 billion. Aggregate fees were $1,757.6 million.

Net client cash flows were $20.7 billion in the quarter, after $12.9 billion in the second quarter and a first-quarter record of $22.5 billion. Alternative strategies generated the record inflows of more than $31 billion. President and Chief Executive Officer Jay C. Horgen said net client cash flows of approximately $21 billion in the quarter and approximately $56 billion in the year to date reflected ongoing strength in alternative strategies, which generated record net inflows in the quarter and the last nine months of more than $31 billion and $89 billion, respectively. He said AMG had six consecutive quarters of alternative-led inflows to date.

By strategy, Private Markets AUM rose to $161.1 billion from $153.3 billion at June 30, with net client cash inflows of $9.6 billion. Liquid Alternatives AUM rose to $337.8 billion from $293.2 billion, with net client cash inflows of $21.9 billion. Equities AUM declined to $303.6 billion from $321.9 billion, with net client cash outflows of $11.9 billion. Multi-Asset & Fixed Income AUM was $171.4 billion.

The company disclosed a third-quarter divestment of its equity interest in Vesterra Capital Partners, formerly Comvest Private Equity, with a $1.3 billion affiliate-transaction impact on AUM in the quarter. For the nine months ended September 30, new investments of $59.8 billion were attributable to BBH Credit Partners and HighBrook Investors.

AMG repurchased approximately $400 million of common stock in the third quarter, bringing year-to-date repurchases to approximately $775 million, after $189 million in the second quarter and $186 million in the first quarter. The company announced a third-quarter cash dividend of $0.01 a share, payable December 3, 2026. Debt was $3.18 billion at September 30. Cash and cash equivalents were $436.1 million.

Horgen said AMG’s focus on investing in areas of secular demand has enhanced the long-term growth prospects of the business and that the company is well-positioned for sustained organic growth and earnings momentum. He said disciplined capital allocation is fundamental to the strategy and that, with competitive advantages, increasing cash flow generation, and a flexible capital position, the company is confident in its ability to drive further earnings growth.