CluenexAffiliated Managers Group AMG
Affiliated Managers Group scores good on business quality (6.2 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Affiliated Managers Group does
Affiliated Managers Group acquires equity stakes in independent boutique investment management firms. It provides centralized distribution and operational support, letting portfolio managers focus on generating returns while taking a share of their fee revenue. The business is shifting capital toward aggressive share repurchases, with $980M deployed to buy back shares and boost per-share value.
- What it does best
AMG builds permanent partnerships with boutique investment managers while maintaining their investment autonomy. Its ROE sits in the top quartile of its sector at 27%, proving this decentralized affiliate model extracts high returns without stifling manager talent.
- The main risk
Debt obligations remain a structural pressure point, carrying $2.7B in total debt against $586M in cash. If market downturns compress fee streams further, fixed debt servicing costs will consume a larger share of operating cash flow.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 21.5% and FCF margin matches strong cash conversion, driven by fee-based leverage. Profits scale efficiently without heavy capital expenditures.
Its moat relies on long-term equity partnerships with specialized boutique managers, locking in specialized talent. Its ROE ranks in the top quartile of its sector at 27%.
Revenue growth crawled at 1.6% recently, sitting in the bottom quartile of its sector. This top-line standstill marks a sharp slowdown from historical peaks.
Total debt sits at $2.7B against $586M in cash, while interest coverage of 3.3x keeps debt costs manageable. Free cash flow reached $1.06B, getting stronger.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on AMG
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Affiliated Managers Group scores good on the Cluenex quality check (6.2 of 10), measured against its own industry. Profitability is strong, moat fair, growth slow and financial health strong.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 2, 2026.
See AMG today
- Today's verdict on AMG, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Affiliated Managers Group (AMG)”, https://cluenex.com/stocks/amg/, data as of Oct 10, 2026.