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AMG AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30 , 2021 Company reports EPS of $ 3.00 , Economic EPS of $ 4.00 in the third quarter of 2021 Announced partnership with Abacus Capital Group , a real estate investment firm focused on the U.S. multifamily sector Completed investment in Parnassus Investments , the largest independent ESG - dedicated fund manager in the U.S. * Net income ( controlling interest ) of $ 128 million , Economic Net Income of $ 169 million Adjusted EBITDA of $ 228 million grew 26 % year - over - year , driven by Affiliate investment performance and new investments Repurchased $ 100 million in common stock , bringing total year - to - date share repurchases to $ 390 million WEST PALM BEACH , FL , November 1 , 2021 - Affiliated Managers Group , Inc. ( NYSE : AMG ) today reported its financial and operating results for the third quarter and nine months ended September 30 , 2021 . Jay C. Horgen , President and Chief Executive Officer of AMG , said : " AMG reported growth of 26 % in Adjusted EBITDA relative to the year - ago quarter , driven by strong Affiliate investment performance and excellent execution in new investments . Net client cash flows were positive , reflecting strong demand for both private market and liquid alternative strategies during the quarter . Looking ahead , we continue to actively expand our exposure to areas of secular growth , including illiquid alternatives , specialty fixed income , wealth management , Asia , and ESG , through additional investments in new Affiliates and through supporting the growth of existing Affiliates leveraging AMG's strategic resources . 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 " Recently , we announced a partnership with Abacus Capital Group , an independent real estate investment manager with an impressive 17 year track record of value - add real estate investing , further enhancing our participation in private markets . With the addition of Abacus , we now have six dedicated private markets Affiliates managing more than $ 110 billion in aggregate client assets across more than 30 strategies . Abacus is our fourth new Affiliate investment this year , demonstrating the appeal of AMG's partnership solution set and our position as the partner of choice to high - quality independent firms around the world . Financial Performance Measures Net income ( controlling interest ) Earnings per share ( diluted ) ( ¹ ) Supplemental Performance Measures Adjusted EBITDA ( controlling interest ) Economic net income ( controlling interest ) Economic earnings per share " In addition , we continue to invest in our existing Affiliates ' opportunities , and in strategic support and distribution capabilities to further augment their growth . With our strong financial profile and free cash flow generation , and unique competitive advantages developed over our three - decade track record as a partner to independent firms , we are confident in our ability to continue to compound our earnings growth and create meaningful shareholder value through the consistent execution of our strategy over time . " ( 2 ) Investor Relations : Media Relations : Three Months Ended 9/30/2020 9/30/2021 $ -1 $ 653.5 $ 657.9 ( 14.0 ) 961.7 71.3 1.53 181.2 152.1 3.27 $ $ 747.8 751.8 3.3 1,076.2 Anjali Aggarwal Ann Imes 128.4 3.00 +1 ( 617 ) 747-3300 ir@amg.com pr@amg.com 227.7 168.5 4.00 $ $ $ Nine Months Ended 9/30/2020 9/30/2021 653.5 $ 652.2 ( 46.0 ) 3,175.7 86.3 $ 1.83 543.6 $ 433.0 9.17 747.8 745.8 ( 12.3 ) 3,676.2 387.3 8.95 701.8 524.5 12.28 For additional information on our Supplemental Performance Measures , including reconciliations to GAAP , see the Financial Tables and Notes . * Investment in Parnassus Investments closed on October 1 , 2021 , and is not included in presentation of third quarter financial results .