Company reports EPS of $4.14, Economic EPS of $5.37 in first quarter Net Income (controlling interest) of $150 million, Economic Net Income (controlling interest) of $187 million Economic Earnings per share increased 28% year-over-year, reflecting strong business momentum and the positive impact of our capital allocation strategy Issued $450 million of 40-year junior hybrid debt and repurchased approximately $150 million in common stock WEST PALM BEACH, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- AMG, a leading partner to independent investment management firms globally, today reported its financial and operating results for the first quarter of 2024. Jay C. Horgen, President and Chief Executive Officer of AMG, said:"In the first quarter, AMG reported Economic Earnings per share of $5.37, a 28% increase relative to the year-ago quarter, reflecting our Affiliates' excellent business and investment performance and the positive impact of our capital allocation strategy, including growth investments in both new and existing Affiliates. "Our strategy to magnify the advantages of our Affiliates, while also preserving their independence and ownership culture, was illustrated in the first quarter by our ongoing collaboration with Pantheon. Supported by our long-term engagement on succession planning, Pantheon announced its management transition plan, entering its next phase of growth as it builds on its accelerating business momentum; the firm now manages more than $65 billion(i) in assets within private markets. In addition, during the quarter we continued to invest our capital and resources alongside Pantheon to support their strategic growth in delivering private markets solutions to the global wealth market, including seeding of a new private equity fund for the non-U.S. wealth market; partnering to launch, seed, and distribute a first-of its kind private credit secondaries fund for the U.S. wealth market; and the ongoing distribution support of the AMG Pantheon Fund — which now has more than $3 billion in assets under management. "We also further positioned AMG for the future during the quarter. Having recently extended the duration of our debt to more than 20 years, we enhanced our financial flexibility and our balance sheet is in an excellent position. Our organization is thriving; we have developed and added outstanding talent, as Tom Wojcik became our Chief Operating Officer, reflecting our efforts to magnify our Affiliates' long-term success, especially through collaboration on numerous initiatives in capital formation, and Dava Ritchea joined AMG as Chief Financial Officer, bringing extensive experience in private markets and liquid alternatives. Given our and our Affiliates' distinct competitive advantages, we continue to be uniquely positioned to create meaningful incremental shareholder value over time." FINANCIAL HIGHLIGHTS   Three Months Ended (in millions, except as noted and per share data)   3/31/2023   3/31/2024   Operating Performance Measures         AUM (at period end, in billions)   $ 668.0     $ 699.4   Average AUM (in billions)     660.4       680.0   Net client cash flows (in billions)     (3.2 )     (3.7 ) Aggregate fees     1,505.1       1,471.6   Financial Performance Measures         Net income (controlling interest)   $ 134.5     $ 149.8   Earnings per share (diluted)(1)     3.47       4.14   Supplemental Performance Measures(2)         Adjusted EBITDA (controlling interest)   $ 216.8     $ 259.8   Economic net income (controlling interest)     158.1       186.7   Economic earnings per share     4.18       5.37                     For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes. (i) As of December 31, 2023. Capital Management During the first quarter of 2024, the Company repurchased approximately $150 million in common stock and announced a first-quarter cash dividend of $0.01 per share of common stock, payable May 30, 2024 to stockholders of record as of the close of business on May 16, 2024. On March 20, 2024, the Company issued $450 million of 40-year junior hybrid debt. About AMGAMG (NYSE:AMG) is a strategic partner to leading independent investment management firms globally. AMG's strategy is to generate long‐term value by investing in a diverse array of high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of March 31, 2024, AMG's aggregate assets under management were approximately $699 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company's website at www.amg.com. Conference Call, Replay and Presentation InformationA 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 13745308. 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 - STATEMENTS OF CHANGES (in billions) BY STRATEGY - QUARTER TO DATE Alternatives Global Equities U.S. Equities Multi-Asset &Fixed Income Total AUM, December 31, 2023 $ 238.8   $ 186.6   $ 142.8   $ 104.5   $ 672.7   Client cash inflows and commitments   9.3     4.7     4.8     6.5     25.3   Client cash outflows   (4.6 )   (9.4 )   (10.3 )   (4.7 )   (29.0 ) Net client cash flows   4.7     (4.7 )   (5.5 )   1.8     (3.7 ) Market changes   7.4     11.1     13.0     3.0     34.5   Foreign exchange   (0.5 )   (1.1 )   (0.3 )   (0.3 )   (2.2 ) Realizations and distributions (net)   (1.9 )   (0.0 )   (0.0 )   (0.1 )   (2.0 ) Other   0.2     0.1     (0.2 )   (0.0 )   0.1   AUM, March 31, 2024 $ 248.7   $ 192.0   $ 149.8   $ 108.9   $ 699.4   BY CLIENT TYPE - QUARTER TO DATE Institutional Retail High NetWorth Total AUM, December 31, 2023 $ 354.9   $ 196.0   $ 121.8   $ 672.7   Client cash inflows and commitments   10.3     8.5     6.5     25.3   Client cash outflows   (9.3 )   (14.6 )   (5.1 )   (29.0 ) Net client cash flows   1.0     (6.1 )   1.4     (3.7 ) Market changes   16.9