Affiliated Managers Group, Inc. (AMG) Stock Price & How to Invest
Last updated July 2026
Short answer
AMG (Affiliated Managers Group) is a global partner to independent, boutique asset managers, and you invest in it by buying NYSE-listed AMG shares to own a diversified stream of fees from those affiliate firms, increasingly weighted toward higher-fee alternatives and private markets.
AMG stock price
As of 2026-07-22, Affiliated Managers Group, Inc. (AMG) last closed at $346.70, up 64.9% over the past year. Over the past 52 weeks it has traded between $207.06 and $379.59.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Affiliated Managers Group, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Affiliated Managers Group, Inc. (AMG) do?
Affiliated Managers Group operates a multi-boutique model: instead of running money itself, it takes long-term equity stakes in independently managed investment firms across equities, fixed income, liquid alternatives, and private markets. Each affiliate keeps operational and investment autonomy while AMG shares in its management and performance fees and provides growth capital, distribution, and strategic support. As of Q1 2026 the affiliate network managed record assets under management of roughly $882 billion, with about $148 billion in private markets and $261.5 billion in liquid alternatives, and those alternative strategies now drive the majority of earnings.
The investment picture is a bet on active and alternative managers holding share against low-cost passive products, expressed through a company that trades at a modest earnings multiple and aggressively repurchases its own stock. AMG has been deliberately rotating its capital toward alternatives and private markets to offset fee pressure and outflows in traditional active equities. Results are geared to markets and flows: fee revenue expands in rising markets and positive net inflows and contracts in risk-off periods or when affiliates lose assets. The stock offers earnings growth and buyback-driven per-share leverage, but with cyclicality and structural fee-compression risk baked in.
What's driving Affiliated Managers Group, Inc. (AMG)?
1. Shift toward alternatives and private markets
AMG has steadily redeployed capital into higher-fee liquid alternatives and private markets affiliates, which contributed the majority of earnings in Q1 2026. Private markets AUM stood near $148 billion and liquid alternatives near $261.5 billion, giving the mix a growth tilt versus legacy active equities. This rotation is the central engine behind recent earnings and net-inflow strength.
2. Record AUM and net inflows
First-quarter 2026 AUM reached a record of roughly $882 billion, up about 24% year over year, alongside record positive net client cash flows near $22.5 billion led by alternative strategies. Fee revenue is directly tied to AUM, so sustained inflows and rising markets compound the top line. The scale of inflows marks a departure from the outflow narrative that long dogged the traditional active side.
3. Buybacks and per-share leverage
AMG repurchased roughly $186 million of stock in Q1 2026 and pays only a nominal $0.01 quarterly dividend, concentrating capital return in buybacks. Shrinking the share count amplifies Economic EPS growth, which rose about 58% year over year in the quarter. At a low-teens earnings multiple, continued repurchases meaningfully lever per-share results.
4. New-affiliate investments and performance fees
Growth also comes from investing in new affiliates and from performance-based fees that surge in strong markets, with aggregate affiliate fees up sharply in Q1 2026. Adding differentiated boutiques expands the fee base while aligning affiliate principals through significant equity ownership. Performance fees add upside but are inherently lumpy quarter to quarter.
What are the risks to Affiliated Managers Group, Inc. (AMG)?
AMG's revenue is tied to market levels and net flows, so a market drawdown or a shift back to outflows would compress fees quickly. The secular growth of low-cost passive products pressures fee rates across the active industry, and alternatives face intense competition for both assets and quality affiliate partners. The partnership structure exposes AMG to unanticipated changes in affiliate revenue, expenses, and key-person departures that it has limited ability to control. Performance fees and a concentration of earnings in alternatives make results lumpy, and rising markets that inflate AUM can reverse just as fast. Regulatory change and currency movements add further variability to reported results.
How is Affiliated Managers Group, Inc. (AMG) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Affiliated Managers Group, Inc.'s investor relations page or your broker.
- Assets under management (Q1 2026): ~$882B
- Consolidated revenue (Q1 2026): ~$545M
- Revenue (TTM, approx): ~$2.1B
- Economic EPS growth (YoY, Q1 2026): ~58%
- Market cap: ~$8B
- P/E ratio: ~13-14x
AMG trades at a low-teens earnings multiple, reflecting the market's discount for asset managers exposed to fee compression despite strong recent growth. Q1 2026 delivered record AUM near $882 billion, roughly $545 million of consolidated revenue, and Economic EPS up about 58% year over year, led by alternatives. Valuation multiples and per-share metrics vary by source and date.
Who competes with Affiliated Managers Group, Inc. (AMG)?
Traditional and multi-affiliate asset managers
Franklin Resources, T. Rowe Price, Invesco, and BlackRock compete for active-management assets and flows. Like AMG, several run multi-boutique or multi-affiliate structures, and all face the same passive-driven fee pressure.
Alternatives and private-markets managers
Blackstone, Apollo, KKR, and Ares compete for the higher-fee alternatives and private-markets assets that increasingly drive AMG's earnings. These firms have large, dedicated platforms and deep capital-raising machinery in the segment AMG is expanding into.
Passive and low-cost providers
BlackRock's iShares and Vanguard supply low-fee index products that structurally pressure active fee rates across the industry. They are less direct rivals for AMG's boutiques but shape the fee environment its affiliates operate in.
How to invest in Affiliated Managers Group, Inc. (AMG)
There are three common ways to get AMG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so AMG sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where AMG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Affiliated Managers Group, Inc. (AMG)
AMG is a leveraged, low-multiple bet on independent active and alternative asset managers gaining share, where the payoff hinges on affiliate fee growth and net inflows rather than a single fund.
More on Affiliated Managers Group, Inc. (AMG)
Whether AMG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AMG a buy?, and where the stock could go from here in the AMG stock forecast.
For income investors, whether AMG pays a dividend and how the payout looks is covered in does AMG pay a dividend?
Build a basket around AMG with Walnut
Use Affiliated Managers Group, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Affiliated Managers Group actually do?
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AMG takes long-term equity stakes in independent, boutique asset managers rather than running money itself. Its affiliates keep investment and operational autonomy while AMG shares in their management and performance fees and provides growth capital and distribution support.
How does AMG make money?
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It earns a portion of the management and performance fees generated by its affiliate firms, which are tied to assets under management. Fee revenue rises with strong markets and net inflows and falls during downturns or outflows.
How big is AMG?
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As of Q1 2026, AMG's affiliates managed record assets under management of roughly $882 billion, with about $148 billion in private markets and $261.5 billion in liquid alternatives. The company itself carries a market cap around $8 billion.
Why is AMG focused on alternatives?
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Alternatives and private markets carry higher fee rates and stronger demand than traditional active equities, which face passive-driven fee compression. AMG has been rotating capital toward these strategies, and they now contribute the majority of its earnings.
Does AMG pay a dividend?
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AMG pays only a nominal quarterly dividend of about $0.01 per share, so it is not an income stock. It concentrates capital return in share buybacks, repurchasing roughly $186 million of stock in Q1 2026.
Why does AMG trade at a low P/E?
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Asset managers exposed to active-fee compression and market cyclicality typically trade at discounted earnings multiples. AMG sits around a low-teens P/E despite recent record AUM and strong Economic EPS growth, reflecting that structural skepticism.
What are the main risks of owning AMG?
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Its earnings are geared to market levels and net flows, so drawdowns or outflows hit fees quickly. It also faces passive-driven fee pressure, competition for quality affiliates, key-person risk at affiliates, and lumpy performance fees.
Who competes with AMG?
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It competes with traditional managers like Franklin Resources and Invesco, alternatives firms like Blackstone, Apollo, and KKR for higher-fee assets, and low-cost passive giants like BlackRock and Vanguard that shape the broader fee environment.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Affiliated Managers Group, Inc.'s investor relations page or your broker before making investment decisions.