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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 29, 2019
Affiliated Managers Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-13459
 
04-3218510
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
777 South Flagler Drive
 
 
West Palm Beach, Florida
 
33401
(Address of Principal Executive Offices)
 
(Zip Code)
(800) 345-1100
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock ($0.01 par value)
 
AMG
 
New York Stock Exchange
5.875% Junior Subordinated Notes due 2059
 
MGR
 
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
 



ITEM 2.02
Results of Operations and Financial Condition.
On July 29, 2019, Affiliated Managers Group, Inc. (the “Company”) issued a press release setting forth its financial and operating results for the quarter ended June 30, 2019.
 
ITEM 8.01
Other Events.
The press release announced that the Company’s Board of Directors authorized and declared a quarterly dividend of $0.32 per share of common stock, payable August 22, 2019 to stockholders of record as of the close of business on August 8, 2019.
A copy of the press release is furnished as Exhibit 99.1 hereto, except for such portions which are filed, as noted below under Item 9.01.
 
ITEM 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits.
The financial highlights table set forth on page 1 and the financial tables set forth on pages 3 through 7 in Exhibit 99.1 hereto are “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended. The remaining information in Exhibit 99.1 is being “furnished” to the Securities and Exchange Commission as provided pursuant to General Instruction B.2 of Form 8-K.

 
Exhibit No.     
 
Description
 
 
 
 
99.1
 



2
 
 
 


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFFILIATED MANAGERS GROUP, INC.
 
 
 
 
Date: July 29, 2019
 
 
 
By:  
 
/s/ David M. Billings
 
 
 
 
 
 
Name:   
 
David M. Billings
 
 
 
 
 
 
Title:
 
General Counsel and Secretary



3
 
 
 
Exhibit
 

 https://cdn.kscope.io/07fd4e1da816059157b1b6c38fb486e7-amglogoa60.jpg
 
 
 
Investor Relations:
Media Relations:
  
Anjali Aggarwal
Jonathan Freedman
+1 (617) 747-3300
ir@amg.com
pr@amg.com





 
  
AMG Reports Financial and Operating Results
for the Second Quarter and First Half of 2019
    
Reports EPS of $2.11, Economic EPS of $3.33
 
 
https://cdn.kscope.io/07fd4e1da816059157b1b6c38fb486e7-triangle2a01.jpg
AUM of $776 billion, pro forma for investment in Garda Capital Partners
https://cdn.kscope.io/07fd4e1da816059157b1b6c38fb486e7-triangle2a01.jpg
Net Income (controlling interest) of $108 million, Economic Net Income of $170 million
https://cdn.kscope.io/07fd4e1da816059157b1b6c38fb486e7-triangle2a01.jpg
Adjusted EBITDA of $219 million represented 2% growth versus prior quarter
https://cdn.kscope.io/07fd4e1da816059157b1b6c38fb486e7-triangle2a01.jpg
Repurchased $50 million in common stock and announced $0.32 cash dividend per common share
 
 

WEST PALM BEACH, FL, July 29, 2019 - Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the second quarter and six months ended June 30, 2019.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG reported Economic earnings per share of $3.33 in the second quarter and net client cash outflows of ($15.1) billion, which were driven primarily by ongoing performance headwinds in quantitative strategies across liquid alternatives and global equities. At the same time, we are continuing to benefit from organic growth in illiquid alternatives and in fixed income, across relative value and traditional strategies, and are positioned for long-term organic growth in fundamental global and emerging markets equities, given our Affiliates’ strong performance track records.
 
“More broadly, clients recognize the competitive advantages that boutique managers inherently have in generating alpha. Given AMG’s model and reputation as the partner of choice to outstanding independent firms, we offer unique access to boutique investment capabilities at scale, while preserving and enhancing the elements critical to individual Affiliate growth and success. Finally, with ongoing momentum in our new investment activity, including the recent closing of our partnership with leading fixed income relative value specialist Garda Capital Partners, we continue to have a significant opportunity to generate earnings growth through partnerships with excellent boutiques around the world, and will remain disciplined and selective in making new Affiliate investments, while also consistently returning capital to shareholders.”

FINANCIAL HIGHLIGHTS
 
 
Three Months Ended
 
 
 
Six Months Ended
 
(in millions, except as noted and per share data)
 
 
6/30/2018
 
6/30/2019
 
 
 
6/30/2018
 
6/30/2019
 
Operating Performance Measures
 
 
 
 
 
 
 
 
 
 
 
 
AUM (at period end, in billions)
 
 
$
824.2

 
$
772.2

 
 
 
$
824.2

 
$
772.2

 
Average AUM (in billions)
 
 
829.8

 
774.2

 
 
 
834.7

 
773.4

 
Net client cash flows (in billions)
 
 
4.3

 
(15.1
)
 
 
 
2.4

 
(22.6
)
 
Aggregate fees
 
 
1,284.0

 
1,163.1

 
 
 
2,932.7

 
2,415.1

 
Financial Performance Measures
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) (controlling interest)
 
 
$
117.0

 
$
107.7

 
 
 
$
270.0

 
$
(93.1
)
 
Earnings (loss) per share (diluted)
 
 
2.16

 
2.11

 
 
 
4.92

 
(1.81
)
 
Supplemental Performance Measures(1)
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA (controlling interest)
 
 
$
246.2

 
$
219.3

 
 
 
$
532.7

 
$
434.8

 
Economic net income (controlling interest)
 
 
195.6

 
170.1

 
 
 
410.9

 
339.1

 
Economic earnings per share
 
 
3.61

 
3.33

 
 
 
7.52

 
6.59

 

(1)
For additional information on these measures, including reconciliations to GAAP, see the Financial Tables and Notes sections of this release.



- 1 -


 

Capital Management
The Company announced a third-quarter cash dividend of $0.32 per common share, payable August 22, 2019 to common stockholders of record as of the close of business on August 8, 2019. During the second quarter of 2019, the Company repurchased approximately $50 million in common stock.
About AMG
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate shareholder value through the growth of existing Affiliates, as well as through investments in new Affiliates and additional investments in existing Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of June 30, 2019, AMG’s aggregate assets under management were approximately $776 billion, pro forma for the subsequently closed investment in Garda Capital Partners, in more than 500 investment products across a broad range of active, return-oriented strategies. For more information, please visit the Company’s website at www.amg.com.
 
 
 
 
 
Conference Call, Replay and Presentation Information
A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13689635. The live call and replay of the session, and a presentation highlighting the Company's performance can also be accessed via AMG’s website at http://www.amg.com/InvestorRelations/.

Financial Tables Follow


- 2 -




ASSETS UNDER MANAGEMENT - STATEMENT OF CHANGES (in billions)
BY STRATEGY - QUARTER TO DATE
Alternatives

Global Equities

U.S. Equities

Multi-Asset &
Fixed Income

Total

 
 
 
 
 
 
AUM, March 31, 2019
$
295.7

$
267.9

$
108.5

$
102.1

$
774.2

Client cash inflows and commitments
8.6

9.5

4.4

4.8

27.3

Client cash outflows
(16.0
)
(15.5
)
(6.7
)
(4.2
)
(42.4
)
Net client cash flows
(7.4
)
(6.0
)
(2.3
)
0.6

(15.1
)
Market changes
2.4

7.0

3.9

3.3

16.6

Foreign exchange
(1.2
)
(0.6
)
—

0.1

(1.7
)
Realizations and distributions (net)
(0.3
)
(0.1
)
—

—

(0.4
)
Other
(1.0
)
—

(0.3
)
(0.1
)
(1.4
)
AUM, June 30, 2019
$
288.2

$
268.2

$
109.8

$
106.0

$
772.2

BY STRATEGY - YEAR TO DATE
Alternatives

Global Equities

U.S. Equities

Multi-Asset &
Fixed Income

Total

 
 
 
 
 
 
AUM, December 31, 2018
$
293.5

$
243.8

$
97.6

$
101.1

$
736.0

Client cash inflows and commitments
20.0

19.2

8.8

10.1

58.1

Client cash outflows
(30.4
)
(28.6
)
(12.5
)
(9.2
)
(80.7
)
Net client cash flows
(10.4
)
(9.4
)
(3.7
)
0.9

(22.6
)
Market changes
9.0

33.9

16.8

8.2

67.9

Foreign exchange
(0.2
)
0.8

0.1

0.5

1.2

Realizations and distributions (net)
(2.3
)
(0.1
)
—

(0.1
)
(2.5
)
Other
(1.4
)
(0.8
)
(1.0
)
(4.6
)
(7.8
)
AUM, June 30, 2019
$
288.2

$
268.2

$
109.8

$
106.0

$
772.2

BY CLIENT TYPE - QUARTER TO DATE
Institutional

Retail

High Net
Worth

Total

 
 
 
 
 
AUM, March 31, 2019
$
451.8

$
210.2

$
112.2

$
774.2

Client cash inflows and commitments
10.0

12.9

4.4

27.3

Client cash outflows
(19.7
)
(18.4
)
(4.3
)
(42.4
)
Net client cash flows
(9.7
)
(5.5
)
0.1

(15.1
)
Market changes
7.9

5.5

3.2

16.6

Foreign exchange
(0.8
)
(1.0
)
0.1

(1.7
)
Realizations and distributions (net)
(0.3
)
(0.1
)
—

(0.4
)
Other
(1.1
)
(0.2
)
(0.1
)
(1.4
)
AUM, June 30, 2019
$
447.8

$
208.9

$
115.5

$
772.2

BY CLIENT TYPE - YEAR TO DATE
Institutional

Retail

High Net
 Worth

Total

 
 
 
 
 
AUM, December 31, 2018
$
432.9

$
195.4

$
107.7

$
736.0

Client cash inflows and commitments
21.9

26.4

9.8

58.1

Client cash outflows
(36.6
)
(35.5
)
(8.6
)
(80.7
)
Net client cash flows
(14.7
)
(9.1
)
1.2

(22.6
)
Market changes
34.5

22.5

10.9

67.9

Foreign exchange
0.8

0.1

0.3

1.2

Realizations and distributions (net)
(2.2
)
(0.2
)
(0.1
)
(2.5
)
Other
(3.5
)
0.2

(4.5
)
(7.8
)
AUM, June 30, 2019
$
447.8

$
208.9

$
115.5

$
772.2


- 3 -




CONSOLIDATED STATEMENTS OF INCOME (QUARTERLY)
 
 
Three Months Ended
 
(in millions, except per share data)
 
6/30/2018
 
6/30/2019
 
 
 
 
 
 
 
Consolidated revenue
 
$
600.1

 
$
591.9

 
 
 
 
 
 
 
Consolidated expenses:
 
 
 
 
 
Compensation and related expenses
 
241.0

 
258.0

 
Selling, general and administrative
 
105.2

 
96.2

 
Intangible amortization and impairments
 
23.2

 
21.2

 
Interest expense
 
21.4

 
19.7

 
Depreciation and other amortization
 
5.7

 
5.3

 
Other expenses (net)
 
11.1

 
12.2

 
Total consolidated expenses
 
407.6

 
412.6

 
 
 
 
 
 
 
Equity method income (net)
 
35.3

 
29.4

 
 
 
 
 
 
 
Investment and other income
 
11.5

 
7.2

 
Income before income taxes
 
239.3

 
215.9

 
 
 
 
 
 
 
Income tax expense
 
34.1

 
35.7

 
Net income
 
205.2

 
180.2

 
 
 
 
 
 
 
Net income (non-controlling interests)
 
(88.2
)
 
(72.5
)
 
Net income (controlling interest)
 
$
117.0

 
$
107.7

 
 
 
 
 
 
 
Average shares outstanding (basic)
 
54.0

 
51.0

 
Average shares outstanding (diluted)
 
54.2

 
51.0

 
 
 
 
 
 
 
Earnings per share (basic)
 
$
2.17

 
$
2.11

 
Earnings per share (diluted)
 
$
2.16

 
$
2.11

 
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES (QUARTERLY) (2)
 
 
Three Months Ended
 
(in millions, except per share data)
 
6/30/2018
 
6/30/2019
 
 
 
 
 
 
 
Net income (controlling interest)
 
$
117.0

 
$
107.7

 
Intangible amortization and impairments
 
74.4

 
55.3

 
Intangible-related deferred taxes
 
4.7

 
6.6

 
Other economic items
 
(0.5
)
 
0.5

 
Economic net income (controlling interest)
 
$
195.6

 
$
170.1

 
 
 
 
 
 
 
Average shares outstanding (adjusted diluted)
 
54.2

 
51.0

 
Economic earnings per share
 
$
3.61

 
$
3.33

 
 
 
 
 
 
 
Net income (controlling interest)
 
$
117.0

 
$
107.7

 
Interest expense
 
21.4

 
19.7

 
Income taxes
 
31.6

 
33.4

 
Intangible amortization and impairments
 
74.4

 
55.3

 
Other items
 
1.8

 
3.2

 
Adjusted EBITDA (controlling interest)
 
$
246.2

 
$
219.3

 

(2)
See Notes for additional information.

- 4 -




CONSOLIDATED STATEMENTS OF INCOME (YEARLY)
 
 
Six Months Ended
 
(in millions, except per share data)
 
6/30/2018
 
6/30/2019
 
 
 
 
 
 
 
Consolidated revenue
 
$
1,212.6

 
$
1,135.1

 
 
 
 
 
 
 
Consolidated expenses:
 
 
 
 
 
Compensation and related expenses
 
507.7

 
486.2

 
Selling, general and administrative
 
211.6

 
191.8

 
Intangible amortization and impairments
 
46.4

 
50.9

 
Interest expense
 
43.0

 
37.9

 
Depreciation and other amortization
 
11.2

 
10.6

 
Other expenses (net)
 
23.2

 
23.0

 
Total consolidated expenses
 
843.1

 
800.4

 
 
 
 
 
 
 
Equity method income (loss) (net)
 
131.6

 
(328.8
)
 
 
 
 
 
 
 
Investment and other income
 
25.7

 
15.2

 
Income before income taxes
 
526.8

 
21.1

 
 
 
 
 
 
 
Income tax expense (benefit)
 
97.5

 
(26.1
)
 
Net income
 
429.3

 
47.2

 
 
 
 
 
 
 
Net income (non-controlling interests)
 
(159.3
)
 
(140.3
)
 
Net income (loss) (controlling interest)
 
$
270.0

 
$
(93.1
)
 
 
 
 
 
 
 
Average shares outstanding (basic)
 
54.3

 
51.5

 
Average shares outstanding (diluted)
 
56.8

 
51.5

 
 
 
 
 
 
 
Earnings (loss) per share (basic)
 
$
4.97

 
$
(1.81
)
 
Earnings (loss) per share (diluted)
 
$
4.92

 
$
(1.81
)
 
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES (YEARLY) (2)
 
 
Six Months Ended
 
(in millions, except per share data)
 
6/30/2018
 
6/30/2019
 
 
 
 
 
 
 
Net income (loss) (controlling interest)
 
$
270.0

 
$
(93.1
)
 
Intangible amortization and impairments
 
122.1

 
515.1

 
Intangible-related deferred taxes
 
17.9

 
(87.1
)
 
Other economic items
 
0.9

 
4.2

 
Economic net income (controlling interest)
 
$
410.9

 
$
339.1

 
 
 
 
 
 
 
Average shares outstanding (adjusted diluted)
 
54.6

 
51.5

 
Economic earnings per share
 
$
7.52

 
$
6.59

 
 
 
 
 
 
 
Net income (loss) (controlling interest)
 
$
270.0

 
$
(93.1
)
 
Interest expense
 
43.0

 
37.9

 
Income taxes
 
92.4

 
(31.5
)
 
Intangible amortization and impairments
 
122.1

 
515.1

 
Other items
 
5.2

 
6.4

 
Adjusted EBITDA (controlling interest)
 
$
532.7

 
$
434.8

 

(2)
See Notes for additional information.

- 5 -




CONSOLIDATED BALANCE SHEET
 
 
Period Ended
 
(in millions)
 
12/31/2018
 
6/30/2019
 
 
 
 
 
 
 
Assets
 
 
 
 
 
Cash and cash equivalents
 
$
565.5

 
$
360.0

 
Receivables
 
400.6

 
528.7

 
Investments in marketable securities
 
119.3

 
33.9

 
Goodwill
 
2,633.4

 
2,639.5

 
Acquired client relationships (net)
 
1,309.9

 
1,257.1

 
Equity method investments in Affiliates (net)
 
2,791.0

 
2,330.2

 
Fixed assets (net)
 
104.3

 
99.8

 
Other investments
 
201.1

 
209.7

 
Other assets
 
94.0

 
268.9

 
Total assets
 
$
8,219.1

 
$
7,727.8

 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
Payables and accrued liabilities
 
$
746.6

 
$
607.1

 
Debt
 
1,829.6

 
1,791.4

 
Deferred income tax liability (net)
 
511.6

 
421.7

 
Other liabilities
 
162.7

 
354.6

 
Total liabilities
 
3,250.5

 
3,174.8

 
 
 
 
 
 
 
Redeemable non-controlling interests
 
833.7

 
727.2

 
Equity:
 
 
 
 
 
Common stock
 
0.6

 
0.6

 
Additional paid-in capital
 
835.6

 
835.8

 
Accumulated other comprehensive loss
 
(109.0
)
 
(95.1
)
 
Retained earnings
 
3,876.8

 
3,743.7

 
 
 
4,604.0

 
4,485.0

 
Less: treasury stock, at cost
 
(1,146.6
)
 
(1,259.7
)
 
Total stockholders’ equity
 
3,457.4

 
3,225.3

 
Non-controlling interests
 
677.5

 
600.5

 
Total equity
 
4,134.9

 
3,825.8

 
Total liabilities and equity
 
$
8,219.1

 
$
7,727.8

 



- 6 -




Notes

As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest) and Economic earnings per share. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash expenses and to improve comparability between periods.

Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income taxes, depreciation, amortization, impairments, and adjustments to our contingent payment arrangements. We believe that many investors use this non-GAAP measure when assessing the financial performance of companies in the investment management industry.

Under our Economic net income (controlling interest) definition, we add to Net income (controlling interest) our share of pre-tax intangible amortization and impairments (including the portion attributable to equity method investments in Affiliates), deferred taxes related to intangible assets, and other economic items which include non-cash imputed interest (principally related to the accounting for convertible securities and contingent payment arrangements) and certain Affiliate equity expenses. Economic net income (controlling interest) is used by management and our Board of Directors as our principal performance benchmark, including as a measure for aligning executive compensation with stockholder value.

Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, the potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of common stock) that occurs when these securities are converted and we are relieved of our debt obligation.

The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
 
 
Three Months Ended
 
Six Months Ended
(in millions)
 
6/30/2018
 
6/30/2019
 
6/30/2018
 
6/30/2019
Average shares outstanding (diluted)
 
54.2

 
51.0

 
56.8

 
51.5

Stock options and restricted stock units
 
—

 
—

 
—

 
0.0

Convertible securities
 
—

 
—

 
(2.2
)
 
—

Average shares outstanding (adjusted diluted)
 
54.2

 
51.0

 
54.6

 
51.5


These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share (controlling interest) or other GAAP performance measures. For additional information on our non-GAAP measures, see our Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.

Forward Looking Statements and Other Matters
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” "preliminary," “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings and other risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.


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