5 Revealing Analyst Questions From Affiliated Managers Group’s Q3 Earnings Call

3 weeks ago 12

Jabin Bastian

Sun, November 9, 2025 astatine 11:32 PM CST 4 min read

Affiliated Managers Group delivered mixed results successful Q3, with the marketplace responding positively to beardown momentum successful alternate plus strategies contempt gross falling beneath Wall Street expectations. Management attributed the quarter’s show to grounds nett inflows successful alternate products, robust maturation astatine affiliates Pantheon and AQR, and continued enlargement of the firm's alternate assets nether management. CEO Jay Horgen emphasized, “Our 3rd 4th results bespeak the gathering momentum successful our concern with a 17% year-over-year summation successful EBITDA and a 27% maturation complaint successful economical net per share.”

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Revenue: $528 cardinal vs expert estimates of $535.6 cardinal (2.2% year-on-year growth, 1.4% miss)
Adjusted EPS: $6.10 vs expert estimates of $5.88 (3.7% beat)
Adjusted EBITDA: $250.9 cardinal vs expert estimates of $241.9 cardinal (47.5% margin, 3.7% beat)
Operating Margin: 28.8%, down from 34.2% successful the aforesaid 4th past year
Market Capitalization: $7.37 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

William Katz (TD Cowen) asked astir the extent of AMG’s caller affiliate pipeline and the rationale down the Brown Brothers Harriman partnership. CEO Jay Horgen and President Thomas Wojcik explained that beardown momentum successful alternatives and strategical acceptable drove some the caller collaborations and targeted investments.
Alexander Blostein (Goldman Sachs) questioned the aboriginal guidance for 2026 and however borderline enlargement astatine AQR and Pantheon would interaction results. CFO Dava Ritchea clarified that higher-margin contributions from alternatives, combined with caller investments and stock repurchases, are expected to thrust net maturation adjacent year.
Ritwik Roy (Jefferies) inquired astir the sustainability of liquid alternate inflows, peculiarly astatine AQR, and the imaginable for show fees. CEO Jay Horgen emphasized AQR’s first-mover vantage and differentiated tax-aware strategies, expecting continued momentum arsenic caller organisation platforms travel online.
Ritwik Roy (Jefferies) besides asked astir upcoming backstage markets fundraises. President Thomas Wojcik cited accordant momentum astatine Pantheon and different affiliates, with diverseness crossed backstage credit, existent estate, and infrastructure strategies supporting aboriginal fundraising activity.
No further expert questions were recorded connected the call.