Affiliated Managers Group, Inc. (AMG) reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a significant increase in net income and revenue compared to the previous fiscal period. For the three months ended September 30, 2025, AMG's consolidated revenue reached $528.0 million, a 2% increase from $516.4 million in the same period last year. Net income for the quarter surged by 57% to $290.9 million, up from $185.8 million, with net income attributable to controlling interests rising 72% to $212.4 million from $123.6 million.
The company experienced notable changes in its financial performance, particularly in equity method income, which increased by 68% to $88.5 million for the third quarter, driven by a $127.6 million gain from the sale of its minority interest in Peppertree Capital Management. This transaction significantly contributed to the overall increase in net income. Additionally, AMG's average assets under management grew by 11% to $786.9 billion, reflecting strong demand for its investment strategies, particularly in private markets and liquid alternatives.
Strategically, AMG has been active in expanding its portfolio through acquisitions and investments. In the second quarter of 2025, the company completed minority investments in NorthBridge Partners and Verition Fund Management, both of which are expected to enhance AMG's growth prospects. Furthermore, AMG announced agreements to acquire minority interests in Qualitas Energy and BBH Credit Partners, with the latter expected to close in early 2026. These strategic moves align with AMG's focus on partnering with high-quality independent investment firms to drive long-term value.
Operationally, AMG reported a 16% increase in aggregate fees for the third quarter, totaling $1,346.0 million, primarily due to a rise in asset-based fees linked to the growth in average assets under management. The company also noted a 10% increase in equity method affiliate average assets under management, which reached $367.1 billion. However, total consolidated expenses rose by 9% to $409.2 million, driven by higher compensation and related expenses, which increased by 15% to $253.5 million, largely due to increased equity compensation.
Looking ahead, AMG remains optimistic about its growth trajectory, supported by a strong capital position and ongoing investments in its affiliates. The company anticipates that its current cash balance, along with cash flows from operations and access to credit facilities, will be sufficient to meet its future cash requirements. AMG's management continues to focus on enhancing its operational efficiency and expanding its market presence, positioning the company for sustained growth in the competitive investment management landscape.
About AFFILIATED MANAGERS GROUP, INC.
Affiliated Managers Group, Inc. (AMG) is a strategic partner to independent investment firms, focusing on long-term value creation through investments in high-quality, partner-owned firms. With approximately $708 billion in assets under management, AMG offers diverse investment strategies, including private markets and liquid alternatives. The company targets institutional and high-net-worth clients globally, leveraging its unique partnership model to enhance growth and maintain the independence of its Affiliates.
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