Affiliated Managers Group Reports Q2 2025 Financial Results with Revenue Decline and Increased Net Income

Affiliated Managers Group, Inc. (AMG) reported its financial results for the second quarter and first half of 2025, revealing a slight increase in net income but a decline in overall revenue compared to the previous year. For the three months ended June 30, 2025, AMG's consolidated revenue was $493.2 million, a decrease of 1% from $500.3 million in the same period of 2024. The company reported net income of $135.9 million, a marginal increase of 1% from $135.0 million year-over-year. However, net income attributable to controlling interests rose by 11% to $84.3 million, up from $76.0 million in the prior year.

In the first half of 2025, AMG's consolidated revenue totaled $989.8 million, down from $1,000.3 million in the first half of 2024, reflecting a 1% decline. Net income for the six-month period was $235.1 million, a significant decrease of 30% from $333.8 million in the same period last year. The decline in net income was primarily attributed to a substantial increase in intangible amortization and impairments, which rose to $89.6 million from $14.5 million in the previous year, alongside higher equity compensation expenses.

Strategically, AMG has been active in expanding its portfolio through acquisitions. The company completed minority investments in NorthBridge Partners, LLC and Verition Fund Management LLC in early 2025. Additionally, AMG announced plans to acquire a minority equity interest in Qualitas Energy, a renewables-focused infrastructure manager, with the transaction expected to close in the fourth quarter of 2025. The company also finalized the sale of its equity interest in Peppertree Capital Management, receiving approximately $254 million in total consideration.

Operationally, AMG's assets under management increased to approximately $771 billion as of June 30, 2025, reflecting a 10% rise from the previous year. The average assets under management also grew by 6% to $736.6 billion. However, aggregate fees for the first half of 2025 decreased by 5% to $2.44 billion, primarily due to a significant drop in performance-based fees, particularly in liquid alternative strategies. The company reported a total of 24 affiliates accounted for under the equity method as of June 30, 2025, indicating a stable operational base.

Looking ahead, AMG anticipates continued growth in assets under management and is focused on leveraging its strategic partnerships to enhance long-term value. The company expects to navigate market conditions effectively while managing its capital structure to support ongoing investments and shareholder returns.