Morningstar Rating

Stock Research and Analysis

by Greggory Warren, CFA

Bulls Say

AMG has built a portfolio of topnotch affiliates, including Yacktman, Tweedy, Browne, Third Avenue Management, Genesis Asset Managers, AQR Capital Management, and Foyston, Gordon & Payne.
AMG's affiliate model provides it with a fairly diverse mix of AUM and revenue, with exposure to both value and growth investment styles as well as fixed-income and alternative investments.
Higher tax rates and ongoing succession planning at boutique asset management firms are expected to accelerate the sale of equity stakes in many of these types of firms to larger financial institutions. Read more 

Bears Say

AMG's investment strategy hasn't generated significant synergies or efficiencies, and the firm cedes the operating leverage inherent in the asset management business to its affiliates.
AMG's core business strategy depends on continued growth from existing affiliates and successful new investments in boutique asset managers.
As the size and scale of AMG's operations increase, the firm will need to make larger acquisitions or increase the sheer number of deals done in any given year to move the needle, increasing the risks associated with this strategy. Read more 

Management

Sean Healey has been CEO since January 2005. He assumed the role of chairman of the board of directors in January 2011. Healey joined AMG in 1995 and became president and COO in 1999. Before joining the firm, he worked on mergers and acquisitions at   Read more 

Profile

Affiliated Managers Group offers investment strategies to retail and institutional investors through its network of affiliates. The firm typically buys a majority interest   Read more 

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