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AMG Investor Relations : Anjali Aggarwal Media Relations : Ann Imes +1 ( 617 ) 747-3300 ir@amg.com pr@amg.com AMG Reports Financial and Operating Results for the Second Quarter and First Half of 2021 Company reports EPS of $ 2.55 , Economic EPS of $ 4.03 in the second quarter of 2021 Announced partnership with Parnassus Investments , the largest independent ESG - dedicated fund manager in the industry Completed strategic evolution of U.S. wealth distribution platform , benefiting clients through differentiated strategies , lower fees Net income ( controlling interest ) of $ 109 million , Economic Net Income of $ 171 million Adjusted EBITDA of $ 227 million , grew 40 % year - over - year , primarily driven by Affiliate investment performance Issued $ 200 million 40 - year hybrid bond , enhancing balance sheet and capital flexibility ; repurchased $ 80 million in common stock WEST PALM BEACH , FL , July 28 , 2021 - Affiliated Managers Group , Inc. ( NYSE : AMG ) today reported its financial and operating results for the second quarter and six months ended June 30 , 2021 . Jay C. Horgen , President and Chief Executive Officer of AMG , said : " AMG reported growth of 40 % in Adjusted EBITDA and 47 % in Economic earnings per share relative to the year - ago quarter , driven by the consistent execution of our strategy and the quality and diversity of our growing Affiliate partner group . Net client cash flows were positive in the quarter , excluding certain quantitative strategies , and reflected ongoing strength in private markets , specialty fixed income , ESG , and U.S. equity strategies . AMG's forward business momentum continues to accelerate as our existing Affiliates deliver excellent investment performance and as we invest in new Affiliates operating in areas of secular growth . " Recently , we announced a partnership with Parnassus Investments , the largest independent ESG - dedicated fund manager in the industry with over three decades of outstanding performance , enhancing our strategic participation in this fast - growing area . With the addition of Parnassus , AMG Affiliates will now manage over $ 80 billion in AUM in dedicated ESG strategies and over $ 600 billion in strategies integrating ESG factors into the investment process . Since the beginning of 2019 , we have partnered with seven new Affiliates , reflecting our focus in executing on our new investment opportunity set , and looking ahead , we see an attractive ongoing opportunity to establish new partnerships , given the favorable transaction environment , AMG's strong competitive position , and the increasing demand for our partnership solutions from the highest - quality independent firms around the world . " During the quarter , we completed the strategic evolution of our U.S. wealth distribution platform , which now offers clients greater access to higher - quality , more - differentiated strategies at lower fees . Going forward , we will continue to invest in growth initiatives alongside our Affiliate partners to meet their strategic objectives . With our strong financial profile and free cash flow generation , we see tremendous opportunity to further build on our momentum through the continued execution of our strategy to drive top - line EBITDA growth , which , together with capital return through share repurchases , will further compound earnings growth and create meaningful 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 ( controlling interest ) ( 1 ) Three Months Ended 6/30/2020 6/30/2021 Six Months Ended 6/30/2020 6/30/2021 649.4 $ 638.4 $ 635.7 755.7 $ 638.4 $ 755.7 752.1 742.8 ( 18.2 ) ( 8.1 ) 960.9 1,185.6 ( 32.0 ) 2,214.0 ( 15.6 ) 2,600.0 $ 30.7 $ 0.65 109.0 $ 2.55 15.1 $ 0.32 258.9 5.96 Earnings per share ( diluted ) Supplemental Performance Measures ( 2 ) Adjusted EBITDA ( controlling interest ) Economic net income ( controlling interest ) Economic earnings per share $ 162.1 $ 227.3 $ 362.4 $ 474.1 129.6 171.2 280.9 356.0 2.74 4.03 5.90 8.30 For additional information on our Supplemental Performance Measures , including reconciliations to GAAP , see the Financial Tables and Notes . -1-