Affiliated Managers Group

Affiliated Managers Group, Inc. is an American international investment management company headquartered in West Palm Beach, Florida,[3] that owns stakes in a number of boutique asset management, hedge fund, and specialized private equity firms.[4]

Affiliated Managers Group, Inc.
TypePublic
IndustryFinancial services
Headquarters
West Palm Beach, Florida
,
U.S.
Area served
Worldwide
Key people
Dwight D. Churchill (Chairman)
Jay C. Horgen (CEO)
Thomas Wojcik (CFO)
David M. Billings (General Counsel)[1]
ProductsFinancial investments
Revenue US$ 2.239 billion (2019)[2]
US$ 815.2 million (2014)[2]
US$ 532.3 million (2018) [2]
Total assetsUS$ 8.219 billion (2018) [2]
Total equityUS$ 3.643 billion (2014) [2]
Number of employees
2,900 (2014)[2]
Websiteamg.com

History

Affiliated Managers Group (NYSE: AMG) is a global asset management firm with equity investments in leading boutique investment management firms.[5] Founded in December 1993 by William J. Nutt[6] as a privately owned company with initial backing from TA Associates, its initial public offering on the New York Stock Exchange occurred in November 1997.[7] Since 1997, AMG has grown to approximately $730 billion in assets under management with stakes in more than 35 money management firms including some of the best-known alternative investment financial management shops.[8][9]

When purchasing companies, AMG seldom buys 100% of a business. They typically allow the employees of the purchased company to retain a quarter to a half of the company, in an attempt to provide them with an incentive to maximize profit.[4] On rare occasions, they will only purchase a minority share in a company.[10] AMG purchased a 5 percent share in Value Partners Group Ltd. in 2009. The company, a Chinese asset manager, was AMG's first investment in China.[11]

A substantial majority of Aston Asset Management, LP, was acquired by AMG on April 15, 2010.[12]

In the 1990s, AMG focused on purchasing midsize money management companies. In a shift of strategy in 1997, they purchased the large mutual fund company Tweedy, Browne for $300 million.[13] In 2010, AMG purchased Pantheon Ventures. Pantheon, a British private equity company, was AMG's largest acquisition since 1993. The company sold for $775 million. That year, AMG also purchased Artemis Investment Management LLP for $400 million.[14] In 2016, AMG made an investment in leading Asia-based private equity firm Baring Private Equity Asia.

Key personnel

Sean M. Healey

Sean M. Healey was the chairman and chief executive officer from 2005 through 2018 and was previously president and chief operating officer. Healey joined AMG in 1995 as an executive vice president, he helped expand it with acquisitions and oversaw an initial public offering in 1997.[15] Prior to joining AMG Healey was a vice president in the Mergers and Acquisitions Department at Goldman, Sachs & Co. and is a graduate of Harvard Law School (1987) and Harvard University (1983).[16] Healey, the ex-husband of former Massachusetts Lieutenant Governor Kerry Healey, was an advisory board member for the Harvard Law School Center on Lawyers and the Legal Profession, and served as co-chair of the Peabody Essex Museum with AMG board member Samuel T. Byrne.[17]

Nathaniel Dalton

Nathaniel Dalton is a senior advisor to the company AMG.[18] He joined AMG as its first general counsel, and has subsequently held a series of leadership positions within the company, including responsibility for leading AMG's relationships with its Affiliates for nearly 20 years as well as building AMG's global distribution platforms. In 2006, Mr Dalton was named chief operating officer and he became president in 2011. Mr. Dalton served as chief executive officer from 2018 to 2019 and joined AMG's board of directors in 2018.[19]

Prior to joining AMG, Dalton was an attorney with the Goodwin Procter law firm, where he represented AMG at its formation. Dalton received a J.D. from Boston University School of Law and a B.A. from the University of Pennsylvania.[20] Dalton is the president and founder of the Guard Support of Massachusetts, a non-profit service organization supporting the families of National Guard troops.[21]

Jay Horgen

Jay Horgen is the president and chief executive officer of the company.[18] He joined AMG in 2007 as executive vice president in charge of the company's New Investments effort, and became chief financial officer in 2011 and president in 2019.

Tom Wojcik

Tom Wojcik is the chief financial offer of the company.[22] He joined the AMG in 2019 from Blackrock, where he most recently served as Chief Financial Officer for Europe, Middle East, and Africa (EMEA), Head of EMEA Strategy, and Global Head of Investor Relations, subsequent to his role as Global Head of Corporate Development and Head of Americas Strategy.

Board Members
  • Dwight D. Churchill, Chairman of the Board[23]
  • Jay C Horgen, chief executive officer[23]
  • Samuel T. Byrne[23]
  • Glenn Earle[23]
  • Tracy Palandjian[23]
  • Karen Alvingham[23]
  • Tracy A. Atkinson[23]
  • Reuben Jeffery III[23]

Ownership

As of 2017 Affiliated Managers Group shares are mainly held by institutional holdings. The Vanguard Group, BlackRock, State Street Corporation and others.[24]

See also

References
  1. Affiliated Managers Group, (2011). [AMG executive management web page] https://www.amg.com/about-amg/leadership.html.
  2. "Affiliated Managers Group Key Financial Metrics". AMG. Retrieved 18 October 2019.
  4. Pozen, Bob; Theresa Hamacher (November/December 2011). "Most Likely to Succeed: Leadership in the Fund Industry". Financial Analysts Journal 67 (6) .
  6. AMG CEO Healey gets chairman's seat, Boston Business Journal, October 26, 2010.
  7. MarketWatch, (2011). Affiliated Managers Group Inc. Company Description .
  8. AMG CEO Healey coaxes great returns from star managers, Institutional Investor, April 14, 2012.
  9. "AMG Reports Financial and Operating Results for the Fourth Quarter and Full Year of 2018," press release, July 29, 2014, http://ir.amg.com/phoenix.zhtml?c=98878&p=irol-newsArticle&ID=2385866
  10. Hedge funds: crossing the institutional frontier, Euromoney Books, 2006, p. 20, ISBN 978-1-84374-268-5
  11. "Affiliated Managers' new stake extends push to Asia". Reuters. November 9, 2009. Retrieved November 22, 2011.
  12. Affiliated Managers Group, Inc. (April 15, 2010)."AMG Completes Investment in Aston Asset Management LLC" Archived 2016-03-04 at the Wayback Machine.
  13. Kahn, Virginia (November 16, 1997). "A Ticket to the Fast Lanes Of Money Management". The New York Times. https://www.nytimes.com/1997/11/16/business/at-the-gate-a-ticket-to-the-fast-lanes-of-money-management.html. Retrieved November 22, 2011. .
  14. "AMG Acquires Pantheon for $775 Million". The New York Times. February 11, 2010. Retrieved November 22, 2011.
  15. , Wall Street Journal, June 5, 2020.
  16. Sean M. Healey profile, Forbes, January 2010.
  17. Peabody Essex vaults into top tier by raising $550 million Archived 2012-07-09 at the Wayback Machine, Boston Globe, November 6, 2011.
  20. Nathaniel Dalton, Bloomberg-Business Week, January 2010.
  21. Guard Support about us, Guard Support, Inc. website, June 2012.
  23. "Corporate Governance". ir.amg.com.
  24. Affiliated Managers Group, Inc. Ownership Summary
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