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Affiliated Managers Group Inc. (AMG-7.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in assets under management to $707.9 billion from $672.7 billion at the end of the previous year. This growth was driven by investment performance and new investments.
Consolidated revenue for the year was $2,040.9 million, slightly down from $2,057.8 million in 2023, primarily due to changes in the composition of assets under management.
Net income attributable to the controlling interest was $511.6 million, down from $672.9 million in 2023. The decrease was primarily due to the absence of a significant gain from the sale of an equity interest in Veritable, LP, which was recorded in the previous year.
Adjusted EBITDA (controlling interest) increased by 4% to $973.1 million, reflecting new Affiliate investments and performance-based fees.
Economic net income (controlling interest) was $701.6 million, a slight decrease from $717.8 million in 2023, due to higher tax expenses and interest expenses.
AMG completed its minority investment in NorthBridge Partners, LLC, a private markets manager specializing in industrial logistics real estate assets, in early 2025. This investment is expected to be reflected in future financial results.
The company repurchased 4.3 million shares of its common stock in 2024, at an average price of $162.65 per share, as part of its ongoing share repurchase programs.
AMG issued $400 million in senior notes due 2034 and $450 million in junior subordinated notes due 2064 during 2024, using the proceeds for general corporate purposes, including share repurchases and investments in Affiliates.
The filing also details various financial agreements, including a restated revolving credit facility and the issuance of new debt securities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Affiliated Managers Group Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.