Affiliated Managers Group Reports Record 2025 Earnings

CEO highlights strong organic growth, expansion in alternatives, and robust share repurchases.

Published on Feb. 12, 2026

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Affiliated Managers Group (AMG) reported what management described as one of the strongest years in the company's history, driven by record economic earnings per share, a return to organic growth, and continued expansion in alternatives across private markets and liquid alternatives. The company generated full-year economic earnings per share of $26.05 in 2025, up 22% year-over-year, supported by strong organic growth and share repurchases.

Why it matters

AMG's strong 2025 performance, marked by record earnings, organic growth, and alternative asset expansion, demonstrates the firm's ability to navigate market conditions and capitalize on investor demand for diversified investment strategies. As a global asset management holding company, AMG's results provide insights into broader industry trends and the evolving preferences of wealth and institutional clients.

The details

AMG's affiliates produced about $29 billion in annual net client cash flows, the highest level since 2013, representing 4% organic growth for the year. The company repurchased approximately $700 million of shares, which management said equated to about 11% of shares outstanding. AMG highlighted more than $1 billion of capital committed across five new investments during 2025, including partnerships with HighBrook, a private markets real estate manager, and an incremental minority investment in liquid alternatives affiliate Garda.

  • In 2025, AMG repurchased approximately $700 million of shares.
  • AMG highlighted more than $1 billion of capital committed across five new investments during 2025.

The players

Jay Horgen

Chief Executive Officer of Affiliated Managers Group.

Tom Wojcik

President and Chief Operating Officer of Affiliated Managers Group.

Dava Ritchie

Chief Financial Officer of Affiliated Managers Group.

Affiliated Managers Group, Inc.

A global asset management holding company that partners with boutique investment firms.

HighBrook

A private markets real estate manager investing across the U.S. and Europe.

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What they’re saying

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What’s next

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The takeaway

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