The following is a summary of the Affiliated Managers Group, Inc. (AMG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AMG reported an 18% growth in economic earnings per share for Q3 2024.

• Adjusted EBITDA for Q3 was $214 million, up 3% year-over-year.

• Economic earnings per share was $4.82, benefitting from share repurchases, marking a year-over-year growth of 18%.

• Q3 saw net client cash outflows improve significantly.

• The company forecasts Q4 adjusted EBITDA to be between $260 million to $270 million, and economic earnings per share between $5.94 to $6.17.

Business Progress:

• AMG raised $7 billion in new capital from strategies including private markets and liquid alternatives.

• Private markets affiliates generated $7 billion net inflows, contributing to a year-to-date fundraising of $18 billion.

• The ongoing strategic efforts have enhanced AMG's capabilities notably in areas of product development and capital formation, with initiatives like the filing for AMG Comvest Senior Lending Fund and ongoing alternative product development on US wealth platform.

• In an ongoing effort to evolve business profile towards alternatives, enhancing long-term organic growth.

Opportunities:

• The company expects to continue scaling alternative strategies products and introducing new innovative solutions, building on more than $5 billion in assets on AMG's US wealth platform.

Risks:

• Despite improvements, the firm experienced $3 billion net client cash outflows and faces headwinds in active equities, requiring focus on diversifying and enhancing offerings to mitigate industry specific risks.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.