Affiliated Managers Group announced a record-breaking first quarter driven by rising demand for alternative strategies, expanded assets under management, and increased share repurchases, marking a significant growth phase for the firm amid shifting investor preferences.
Affiliated Managers Group said first-quarter results reached record levels as demand for alternative strategies continued to broaden and the company stepped up share buybacks. According to the firm, adjusted EBITDA came in at about $317 million and economic earnings per share rose to $8.23, while net client cash flows topped $22 billion in the quarter. Assets under management climbed to $882 billion, the highest level in the company’s history.
Chief executive Jay Horgen said the business is benefiting from a pronounced shift towards areas such as liquid alternatives, private markets, infrastructure, secondary solutions and tax-aware long-short strategies. MarketBeat’s transcript of the earnings call showed that liquid alternatives again led the way, with strong inflows across affiliates including AQR, Capula, Garda, Systematica and Winton, while private markets also contributed meaningfully through Pantheon and infrastructure-related strategies.
The company said equities remained a drag, with outflows reflecting industry-wide and performance pressure, but it pointed to offsetting strength in multi-asset and fixed income. Horgen said alternative flows were spread across several growth areas rather than concentrated in just one, and he argued that the firm’s broader model is still moving in the right direction as investors look beyond traditional portfolios.
The call also underlined AMG’s push to monetise growth through capital returns. The company repurchased about $186 million of stock in the quarter and said it expects roughly $500 million of buybacks in 2026, subject to market conditions. Management said recurring after-tax cash flow remains close to $1 billion a year, supported by a strong balance sheet and relatively low leverage.
For the second quarter, AMG guided to adjusted EBITDA of $290 million to $305 million and economic earnings per share of $7.60 to $8.01. The company also said net performance fees should be seasonally lower, although it remains confident in the pipeline for new investments and in the opportunity for alternatives firms to gain share as public-market valuations evolve.
Source Reference Map
Inspired by headline at: [1]
Sources by paragraph:
- Paragraph 1: [2], [4], [5], [7]
- Paragraph 2: [3], [4], [5]
- Paragraph 3: [2], [3], [6]
- Paragraph 4: [3], [4], [5]
- Paragraph 5: [3], [4], [5], [7]
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on Affiliated Managers Group's Q1 2026 earnings, published on May 1, 2026. No earlier publications of substantially similar content were found, indicating high freshness. ([marketbeat.com](https://www.marketbeat.com/instant-alerts/affiliated-managers-group-q1-earnings-call-highlights-2026-05-01/?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from the earnings call, such as statements by CEO Jay Horgen and CFO Dava Ritchea, are consistent across multiple reputable sources, including MarketBeat and Benzinga. ([marketbeat.com](https://www.marketbeat.com/instant-alerts/affiliated-managers-group-q1-earnings-call-highlights-2026-05-01/?utm_source=openai))
Source reliability
Score:
8
Notes:
The article originates from MarketBeat, a financial news platform. While MarketBeat aggregates content from various sources, it is generally considered reliable. However, its reliance on aggregated content may affect the perceived independence of the reporting.
Plausibility check
Score:
10
Notes:
The reported financial figures, such as Adjusted EBITDA of $317 million and economic EPS of $8.23, align with those disclosed in the official earnings release and other reputable financial news outlets. ([globenewswire.com](https://www.globenewswire.com/news-release/2026/05/01/3285792/0/en/amg-reports-financial-and-operating-results-for-the-first-quarter-of-2026.html?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides a timely and accurate summary of Affiliated Managers Group's Q1 2026 earnings call, with consistent quotes and figures across multiple reputable sources. The primary concern is the reliance on aggregated content from MarketBeat, which may affect the perceived independence of the reporting. However, given the corroboration from other sources, the overall assessment is positive.
