Affiliated Managers Group, Inc. (AMG) reported its financial results for the fiscal year ending December 31, 2024, revealing a net income of $740.6 million, a decrease of 18% from the previous year’s net income of $906.1 million. The company’s revenue for the year was $2.04 billion, reflecting a slight decline of 0.8% compared to $2.06 billion in 2023. The decrease in profitability was attributed to a significant pre-tax gain of $133.1 million recognized in 2023 from the sale of its equity interest in Veritable, LP, which did not recur in 2024.
AMG's assets under management (AUM) increased to approximately $707.9 billion, up 5% from $672.7 billion in 2023. This growth was primarily driven by strong investment performance across its affiliates, particularly in private markets and liquid alternatives, despite experiencing net outflows in its equity strategies. The company reported aggregate fees of $5.24 billion, a 3% increase from $5.07 billion in 2023, with asset-based fees rising by 6% to $5.36 billion, while performance-based fees decreased by 3% to $1.12 billion.
Strategically, AMG completed a minority investment in NorthBridge Partners, LLC, a private markets manager, in February 2025, further diversifying its portfolio. The company continues to focus on investing in high-quality independent partner-owned firms, enhancing its growth prospects through strategic partnerships and capital investments. As of December 31, 2024, AMG had approximately 4,100 employees, with a significant majority employed by its affiliates.
In terms of operational metrics, AMG's equity method investments in affiliates totaled $2.25 billion, down from $2.29 billion in 2023. The company also reported a decrease in its equity method income to $312.7 million, an increase of 12% from the previous year. The firm’s effective tax rate for 2024 was 25.5%, up from 20.9% in 2023, primarily due to changes in the tax treatment of certain transactions.
Looking ahead, AMG remains optimistic about its growth trajectory, emphasizing its commitment to alternative investment strategies and the potential for further acquisitions of independent investment firms. The company plans to leverage its established relationships and strategic capabilities to enhance the long-term success of its affiliates and generate value for shareholders.
About AFFILIATED MANAGERS GROUP, INC.
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