Shares of Affiliated Managers Group (AMG) soared 11.29% in pre-market trading on Thursday, following the release of its better-than-expected first-quarter 2025 earnings report and the announcement of a new strategic partnership.

The asset management firm reported adjusted EBITDA of $228.2 million for Q1, surpassing the IBES estimate of $223.9 million. This outperformance appears to be a key driver of investor enthusiasm. Additionally, AMG's assets under management reached an impressive $712,200 million, showcasing the company's strong market position and ability to attract and retain client assets.

While the company's Q1 net income of $72.4 million fell short of the IBES estimate of $159.9 million, investors seem to be focusing on the positive aspects of the report. Further boosting sentiment, AMG announced a new partnership with Qualitas Energy, potentially opening up new growth opportunities for the firm. The combination of strong earnings results and strategic business development has evidently excited investors, leading to the significant pre-market stock price surge.