Affiliated Managers Group reported record second-quarter adjusted EBITDA of $316 million, a 44% year-over-year increase, with economic earnings per share of $8.29, up 54%. Assets under management reached a record $942 billion, driven by $13 billion in net inflows during the quarter and strong investment performance. Alternative strategies generated $29 billion of those net inflows in the quarter and approximately $100 billion over the past 12 months, now accounting for more than 60% of earnings. The company repurchased approximately $189 million in shares during the quarter, reducing share count by over 10% year-over-year, and guided third-quarter adjusted EBITDA to $315 million to $325 million with economic EPS of $8.43 to $8.71. CEO Jay Horgen highlighted an active new investment pipeline targeting high-teens returns, with check sizes typically ranging from $100 million to $500 million and some larger transactions in the pipeline.
Affiliated Managers Group, Inc.Record adjusted EBITDA, economic EPS up 54%, strong net inflows, and share buybacks.