Page 1

AMG Investor Relations : Anjali Aggarwal Media Relations : Jonathan Freedman +1 ( 617 ) 747-3300 ir@amg.com pr@amg.com AMG Reports Financial and Operating Results for the First Quarter of 2021 Company reports EPS of $ 3.41 , Economic EPS of $ 4.28 in first quarter of 2021 Invested in OCP Asia , a leading alternative manager in private markets providing customized lending solutions across Asia Evolved AMG's U.S. wealth distribution platform , expanding commitment to Affiliate growth and improving client outcomes Net Income ( controlling interest ) of $ 150 million , Economic Net Income of $ 185 million Adjusted EBITDA of $ 247 million , representing 23 % year - over - year growth , primarily driven by Affiliate investment performance Repurchased $ 210 million in common stock during the quarter WEST PALM BEACH , FL , May 3 , 2021 - Affiliated Managers Group , Inc. ( NYSE : AMG ) today reported its financial and operating results for the first quarter of 2021 . Jay C. Horgen , President and Chief Executive Officer of AMG , said : " AMG reported growth of 23 % in Adjusted EBITDA and 35 % in Economic earnings per share relative to the year - ago quarter , our third consecutive quarter of year - over - year growth , further demonstrating positive momentum across the business . Our results reflect strong Affiliate investment performance , improving organic growth trends , and the consistent execution of our growth strategy . Net client cash flows were positive excluding certain quantitative strategies , driven by strength in private markets , specialty fixed income , wealth management , and ESG strategies . With continued momentum in these secular growth areas , including through our strategic focus on new investments , along with increasing demand for active equities , particularly value - and impact - oriented strategies , AMG is well - positioned for future organic growth . " As economic activity accelerates and the macro environment presents additional favorable opportunities for active managers , we continue to focus on our core competitive advantages and invest for growth across new Affiliates , existing Affiliates , and our value - added central capabilities . During the quarter , we evolved our U.S. wealth distribution platform for the benefit of clients , by enhancing the quality of our product offering , lowering fees , and clarifying our presence in the market as the premier partner to world - class independent investment firms , all while aligning our capital and resources more fully with our Affiliate partners and their greatest opportunities for growth . " Given the evolving competitive landscape and the strategic investments we have made over the last two years , AMG's partnership approach is resonating with a broader and more diverse array of high - quality independent firms operating in areas of strong client demand . Our partnership solutions and strategic capabilities are increasingly differentiated components of our approach , as evidenced by the series of new partnerships we have established over the last year . Most recently , we are pleased to welcome our newest Affiliate , OCP Asia , a leading alternative manager providing customized lending solutions with deep expertise in investing across private credit markets in Asia . Looking ahead , with our strong balance sheet and significant cash generation , we are well - positioned to capitalize on the considerable and growing opportunity set ahead , further enabling us to compound earnings growth and create significant shareholder value over time . " FINANCIAL HIGHLIGHTS ( in millions , except as noted and per share data ) Operating Performance Measures AUM ( at period end , in billions ) Average AUM ( in billions ) Net client cash flows ( in billions ) Aggregate fees Financial Performance Measures Net income ( loss ) ( controlling interest ) Earnings ( loss ) per share ( diluted ) ( 1 ) Three Months Ended 3/31/2020 3/31/2021 $ 599.9 $ 663.0 ( 13.8 ) 738.0 733.6 ( 7.5 ) 1,253.1 1,414.4 $ ( 15.6 ) $ ( 0.33 ) 149.9 3.41 Supplemental Performance Measures ( 2 ) Adjusted EBITDA ( controlling interest ) $ 200.4 $ 246.8 Economic net income ( controlling interest ) 151.3 184.8 Economic earnings per share 3.16 4.28 For additional information on our Supplemental Performance Measures , including reconciliations to GAAP , see the Financial Tables and Notes . - 1 -