Company reports EPS of $2.54, Economic EPS of $4.22 in fourth quarter EPS of $4.33, Economic EPS of $13.36 for the full year 2020 •Completed investment in Boston Common Asset Management, a women-owned leader in sustainable and impact investing •Completed investment in Jackson Square Partners, a leading global growth-equity manager •Q4 Net Income (controlling interest) of $116 million, Economic Net Income of $191 million •Adjusted Q4 EBITDA increased 27% year-over-year, driven by growth in both management and performance fee EBITDA contribution •Repurchased 10% of shares outstanding across the full year 2020, including $226 million in shares during Q4 WEST PALM BEACH, Fla., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the fourth quarter and full year 2020. Jay C. Horgen, President and Chief Executive Officer of AMG, said: “AMG reported Adjusted EBITDA of $255 million in the fourth quarter; the year-over-year growth of 27% reflects strong investment performance from our Affiliates across a broad array of alpha-oriented strategies, along with the positive impact of strategic investments and actions to reposition the business for growth. Business momentum and net client cash flows were particularly strong in private markets, wealth management, and specialty fixed income during the quarter. Looking ahead, AMG continues to have excellent long-term growth prospects; our Affiliates are well-positioned to benefit from clients’ increasing risk appetite, particularly given their strong track records in attractive product areas. “Throughout the challenges of 2020, we invested for growth across both existing and new Affiliates, allocating capital and resources toward the areas of highest growth and return. We were pleased to welcome four excellent new Affiliates over the last 12 months, including most recently Boston Common Asset Management, an innovator in sustainable investing, and Jackson Square Partners, a leader in growth-oriented global equities. With a three-decade track record of successful partnerships, proprietary long-term relationships with prospective Affiliates around the world, and a broader set of partnership solutions for independent firms than ever, AMG is uniquely positioned as the partner of choice for outstanding independent investment firms globally. “AMG enters 2021 with significant momentum across our business, including strong investment performance in secular growth areas, increasing opportunities to invest in excellent partner-owned firms, and a highly liquid and flexible capital position. With these competitive advantages, along with the enhanced earnings power of our business, we have an outstanding opportunity to create long-term value, through both accretive growth investments, and returning significant capital to shareholders over time.” FINANCIAL HIGHLIGHTS Three Months Ended Year Ended(in millions, except as noted and per share data) 12/31/2019 12/31/2020 12/31/2019 12/31/2020Operating Performance Measures AUM (at period end, in billions) $722.5 $716.2 $722.5 $716.2 Average AUM (in billions) 720.2 700.9 758.1 664.4 Net client cash flows (in billions) (11.3) (15.8) (53.5) (61.8)Aggregate fees 1,417.2 1,450.7 4,962.7 4,626.4 Financial Performance Measures Net income (controlling interest) $22.5 $115.9 $15.7 $202.2 Earnings per share (diluted)(1) 0.46 2.54 0.31 4.33 Supplemental Performance Measures (2) Adjusted EBITDA (controlling interest) $200.3 $255.2 $841.6 $798.8 Economic net income (controlling interest) 221.8 191.4 720.2 624.4 Economic earnings per share 4.52 4.22 14.22 13.36 For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes. Capital Management During the fourth quarter of 2020, the Company repurchased approximately $226 million in common stock and announced a fourth-quarter cash dividend of $0.01 per share of common stock, payable March 4, 2021 to stockholders of record as of the close of business on February 18, 2021. For the full year 2020, AMG repurchased $430 million in common stock. In addition, AMG’s Board of Directors increased the Company’s share repurchase authorization to a total of 6.9 million shares. About AMG AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s strategy is to generate long‐term value by investing in leading independent active investment managers, through a proven partnership approach, and allocating resources across the Company's unique opportunity set to the areas of highest growth and return. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. In addition, AMG provides centralized assistance to its Affiliates on strategy, marketing, distribution, and product development. As of December 31, 2020, AMG’s aggregate assets under management were approximately $716 billion, 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 13714782. 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 https://ir.amg.com/. Financial Tables Follow ASSETS UNDER MANAGEMENT - STATEMENT OF CHANGES (in billions) BY STRATEGY - QUARTER TO DATE Alternatives GlobalEquities U.S. Equities Multi-Asset& FixedIncome Total AUM, September 30, 2020$219.1 $240.7 $84.3 $109.4 $653.5 Client cash inflows and commitments7.0 8.4 3.9 7.2 26.5 Client cash outflows(15.8)(14.8)(6.4)(5.3)(42.3)Net client cash flows(8.8)(6.4)(2.5)1.9 (15.8)New investments— 4.2 6.4 — 10.6 Market changes6.1 36.0 15.0 5.4 62.5 Foreign exchange2.2 4.2 0.5 1.0 7.9 Realizations and distributions (net)(1.2)(0.2)(0.2)— (1.6)Other(0.9)— — — (0.9)AUM, December 31, 2020$216.5 $278.5 $103.5 $117.7 $716.2 BY STRATEGY - YEAR TO DATE Alternatives GlobalEquities U.S. Equities Multi-Asset& FixedIncome Total AUM, December 31, 2019$241.2 $274.9 $100.0 $106.4 $722.5 Client cash inflows and commitments29.6 33.3 14.7 23.9 101.5 Client cash outflows(51.7)(61.2)(29.4)(21.0)(163.3)Net client cash flows(22.1)(27.9)(14.7)2.9 (61.8)New investments3.7 4.2 6.4 — 14.3 Market changes(3.4)26.4 12.7 8.3 44.0 Foreign exchange0.9 1.3 0.3 0.2 2.7 Realizations and distributions (net)(2.6)(0.2)(0.2)(0.2)(3.2)Other(1.2)(0.2)(1.0)0.1 (2.3)AUM, December 31, 2020$216.5 $278.5 $103.5 $117.7 $716.2 BY CLIENT TYPE - QUARTER TO DATE Institutional Retail High Net Worth Total AUM, September 30, 2020$370.4 $167.2 $115.9 $653.5 Client cash inflows and commitments10.4 9.6 6.5 26.5 Client cash outflows(21.6)(14.5)(6.2)(42.3)Net client cash flows(11.2)(4.9)0.3 (15.8)New investments8.4 2.2 — 10.6 Market changes31.2 21.9 9.4 62.5 Foreign exchange4.0 3.4 0.5 7.9 Realizations and distributions (net)(1.2)(0.4)— (1.6)Other(0.6)(0.1)(0.2)(0.9)AUM, December 31, 2020$401.0 $189.3 $125.9 $716.2 BY CLIENT TYPE - YEAR TO DATE Institutional Retail High Net Worth Total AUM, December 31, 2019$407.2 $198.1 $117.2 $722.5 Client cash inflows and commitments40.8 39.9 20.8 101.5 Client cash outflows(78.8)(63.3)(21.2)(163.3)Net client cash flows(38.0)(23.4)(0.4)(61.8)New investments12.1 2.2 — 14.3 Market changes22.0 12.7 9.3 44.0 Foreign exchang