Affiliated Managers Group Inc. (AMG) published a transcript of its Q4 2025 earnings call held on Feb. 12, 2026. The call featured the Chief Executive Officer, the President and Chief Operating Officer, the Chief Financial Officer, and the Head of Investor Relations, with analysts from Jefferies, Goldman Sachs, TD Cowen, and Deutsche Bank participating in the Q&A. Management highlighted record 2025 results, including economic earnings per share of $26.05 (up 22% year-over-year) and $29 billion of net client cash flows (4% organic growth), driven by strong momentum in alternatives—especially liquid alternatives and private markets. The Chief Executive Officer said 2025 was “one of the strongest years in our company's history,” and added that AMG is “still in the early innings of our growth story with much more opportunity ahead.” AMG also emphasized a sharp expansion in alternative assets under management, adding about $97 billion of alternative AUM in 2025 (including $74 billion of net inflows from existing affiliates), and noted that alternatives now represent about 60% of EBITDA on a run-rate basis. The company discussed significant capital allocation activity, including about $700 million of share repurchases in 2025 (11% of shares outstanding) and more than $1 billion committed across five new investments, alongside liquidity events that generated more than $730 million in pretax distributions and sale proceeds. Looking ahead, the Chief Financial Officer guided to Q1 adjusted EBITDA of $310 million to $330 million and Q1 economic EPS of $7.98 to $8.52, and said the company expects about $170 million of net performance fees in 2026, consistent with its five-year average. Management also pointed to continued growth at key affiliates, with the Chief Financial Officer noting that “AQR was a double-digit contributor to EBITDA in 2025” and is expected to be “north of 20%” of earnings in 2026. The call also covered product and distribution expansion in the U.S. wealth channel, including the filing to register the AMG BBH Asset-Backed Credit Fund as part of a broader collaboration to develop additional structured and alternative credit products. Separately, the Chief Executive Officer announced that the President and Chief Operating Officer will depart to pursue other leadership opportunities. The full transcript can be accessed through the link below.

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