Affiliated Managers Group, Inc. · AMG · FY2024 Q4 · Calendar Q1 2025

AMG’s FY2024 Results Show Alternatives’ Growing Role, With Flow Risks Still in View

AMG’s FY2024 call supports a measured case that growing private-market and liquid-alternative businesses can broaden earnings drivers. That case depends on sustained fundraising and demand, while equity outflows and weaker performance fees remain meaningful counterweights.

What drove AMG's +0.2% move after FY2024 Q4 earnings?

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Reported Before market openNYSEFinancial Services $10.38B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $6.03
EPS surprise — Reported versus consensus
Reported revenue — Consensus $530.5M
Revenue surprise — Reported versus consensus
Check the math in the surprise calculator >

Market reaction

prior-close to event-session close
Stock move +0.2% Event window
SPY move +0.3% Same window
Abnormal move -0.2% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift -12.7% Up to 20 sessions
AMGSPY benchmark

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Transcript intelligence

What changed

Management reported record 2024 economic EPS, up 10% year over year, and $24 billion of private-market fundraising, including $6 billion in Q4. The call also highlighted a minority investment in NorthBridge Partners, extending the affiliate platform into industrial-logistics real estate. This builds on the prior quarter’s emphasis on alternative strategies, product launches, and affiliate investment opportunities.

Guidance delta

The supplied analysis characterizes guidance sentiment as maintained and reports Q1 2025 adjusted EBITDA guidance of $220–$230 million and EPS of $5.02–$5.26. No prior comparable guidance is supplied here, so a numerical change cannot be established.

Key takeaways

  • Economic EPS increased 10% to $21.36 in 2024, according to the supplied call analysis.
  • Private-market fundraising reached a reported record $24 billion for 2024; $6 billion was raised in Q4.
  • Alternatives, including private markets and liquid alternatives, are becoming more prominent contributors to earnings and fee growth.
  • The Q1 2025 outlook is adjusted EBITDA of $220–$230 million and EPS of $5.02–$5.26; reported-versus-consensus actuals are unavailable in the supplied facts.

Management priorities

  • Expand private-market and liquid-alternative offerings, including planned evergreen products in credit secondaries and infrastructure.
  • Develop potential actively managed ETFs and continue expanding the U.S. wealth platform.
  • Pursue further minority and majority investments in alternative affiliates.
  • Continue share repurchases, with a stated 2025 target of $400 million.

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Earnings History

Estimate Beat Miss Match
AMG REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $521M Q2 '24 actual $500M, miss Q3 '24 estimate $522M Q3 '24 actual $516M, miss Q2 '25 estimate $541M Q2 '25 actual $493M, miss Q3 '25 estimate $579M Q3 '25 actual $528M, miss Q4 '25 estimate $579M Q4 '25 actual $557M, miss Q1 '26 estimate $544M Q1 '26 actual $545M, beat Q2 '26 estimate $591M Q2 '26 actual $641M, beat Q3 '26 estimate $655M Q3 '26 actual $595M, miss Q4 '26 estimate $657M Q1 '27 estimate $604M Q2 '27 estimate $677M Q3 '27 estimate $684M
Show 2 more >

Analyst Consensus ?

ConsensusBuy12 ratings
Bullish12100.0%
Neutral00.0%
Bearish00.0%

Analyst 52W Price Targets

$403.2Current
$192Low
$337Average
$425High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
TD Cowen Buy BuyMaintainNov 10, 2026
Barrington Research Outperform OutperformMaintainApr 27, 2026
Goldman Sachs Buy BuyMaintainJan 6, 2026
B of A Securities Buy BuyMaintainOct 2, 2025
Deutsche Bank Buy BuyMaintainFeb 10, 2025
Show 7 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $403.2. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarringtonAlexander Paris$425$366.73 +5.4%Jul 31, 2026
Deutsche BankAnalyst unavailable$400$303.62 -0.8%May 4, 2026
Goldman SachsAnalyst unavailable$405$291.07 +0.4%May 4, 2026
Deutsche BankBrian Bedell$408$321.91 +1.2%Feb 13, 2026
Goldman SachsAlexander Blostein$341$303.57 -15.4%Jan 6, 2026
See 14 more

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Company context

Snapshot as of publication

Affiliated Managers Group, Inc. (AMG) functions as an asset management firm, leveraging its network of affiliates to provide comprehensive investment management solutions. Its primary clientele in the United States includes mutual funds, institutional investors, and high-net-worth individuals. AMG additionally offers advisory and subadvisory services to mutual funds, which are distributed to retail and institutional clients through direct channels and a wide range of intermediaries. These intermediaries encompass independent financial advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.…

Historical context

All AMG earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-02-04T14:28:49.640658+00:00
  3. Polygon adjusted daily market bars · 2026-11-11T12:30:44.963691+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-11T12:30:44.960861+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-11. For educational purposes only; not investment advice.