Affiliated Managers Group posts record AUM

Overview

• US investment manager posted record AUM of $974 bln at end Q3; $21 billion in net client cash flows

• Adjusted EBITDA for Q3 beat analyst expectations

• Company repurchased $400 mln in stock during Q3, bringing YTD buybacks to $775 mln

Outlook

• Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

• ALTERNATIVE STRATEGIES - Co said record net inflows of more than $31 bln into alternative strategies drove growth in assets under management and earnings

• NET CLIENT INFLOWS - Co reported $21 bln in net client cash flows during Q3, citing continued demand for its offerings

• CAPITAL ALLOCATION - Co said it deployed $400 mln into share repurchases in Q3 as part of its capital allocation strategy

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy."

• Wall Street's median 12-month price target for Affiliated Managers Group, Inc. is $441.00, about 21.5% above its November 6 closing price of $362.96

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Nov 6 - Brookfield Asset Management Q3 fee-related earnings rise on Oaktree acquisition

• Nov 6 - Franklin Resources prelim Q4 operating revenue beats estimates on record AUM

• Nov 9 - KKR profit hits record as asset sales, fees surge

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)