- Affiliated Managers Group, Inc. recently completed a US$424.269 million offering of 5.50% senior unsecured notes due February 15, 2036, and is redeeming all outstanding 5.15% Convertible Trust Preferred Securities due 2037 on December 29, 2025, at 100% of principal plus accrued interest.
- This refinancing simplifies AMG’s capital structure and supports its ongoing pivot toward higher-fee private markets and liquid alternatives, where new partnerships and client inflows are underpinning analysts’ upgraded earnings and revenue expectations for 2026.
- Next, we’ll examine how redeeming the 5.15% Convertible Trust Preferred Securities using new senior notes influences AMG’s capital allocation and investment narrative.
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Affiliated Managers Group Investment Narrative Recap
To own Affiliated Managers Group, you need to believe its shift toward private markets and liquid alternatives can more than offset pressure on traditional active equity and fees. The new 5.50% senior notes and redemption of the 5.15% Convertible Trust Preferred Securities mainly tidy up the balance sheet; they do not materially change the near term catalyst around alternative asset growth or the key risk of volatile fundraising and flows.
The most relevant recent development here is AMG’s 2025 partnership with Brown Brothers Harriman to expand alternative credit strategies into the U.S. wealth channel. That initiative sits squarely in the same story as this refinancing: directing financial and organizational resources toward higher fee alternative affiliates that have been supporting analysts’ higher 2026 revenue and earnings expectations, while still leaving investors exposed to any slowdown in private markets capital raising.
But investors also need to be aware that if private markets fundraising slows more sharply than expected, especially at key affiliates like Pantheon and AQR, then...
Read the full narrative on Affiliated Managers Group (it's free!)
Affiliated Managers Group's narrative projects $2.2 billion revenue and $594.9 million earnings by 2028.
Uncover how Affiliated Managers Group's forecasts yield a $307.71 fair value, a 10% upside to its current price.
Exploring Other Perspectives
Two Simply Wall St Community fair value estimates cluster between US$288 and US$308 per share, showing how different private investors’ views can be. You should weigh those opinions against AMG’s growing reliance on more volatile private markets fundraising, which could influence fees, earnings stability and how the stock trades over time.
Explore 2 other fair value estimates on Affiliated Managers Group - why the stock might be worth just $288.26!
Build Your Own Affiliated Managers Group Narrative
Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.
- A great starting point for your Affiliated Managers Group research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
- Our free Affiliated Managers Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Affiliated Managers Group's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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