Affiliated Managers (MGR) 1 Aug 222022 Q2 Earnings call transcript

Greetings, and welcome to the AMG Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Investor AMG. of Head Aggarwal, Relations for Anjali Thank you.

may begin. You

thank for morning quarter today to Good and us second discuss you the joining and for AMG's XXXX. results

call, remind we A statements forward-looking replay the these assumes of differ results Investor that, along Before today's earnings Relations no call. of like actual could announced make to of our and I'd available during number call begin, reconciliation site, copy which this be on our statements. financial materially, any a with we from and on of obligation may a a update non-GAAP you AMG measures, our will release Web this any earnings section of including to guidance

to encourage updated the morning and our Web Chief that, In I'll Officer; are we to turn us the Jay. addition, site Officer. quarter and investors With Tom regularly Horgen, for consult Jay call presentation and to our information. site over With results for the discuss today President posted an company's investor Financial Executive to this Chief Wojcik, updated

good more and industry the with earnings year-ago proved line resilient a share Anjali, quarter, and delivering Thanks, everyone. economic AMG's second per despite quarter the challenging in morning, market significantly business in backdrop.

challenging conditions. portfolios risk investors pressures, geopolitical has dynamics, these the business of one. monetary rising Markets been inflationary the XXXX. execution, to first-half performance are The by positioned in areas demonstrate of enhanced growth reduced all Today, and we results secular era differentiated economic market by and strength reflecting creating of business our of earnings. policy disciplined current increased our resiliency their environments, in exposures rates, in uncertainty, and Our in further the AMG have coordinated including efficacy deliver business replaced model. Through the and of increasing evolved our our and is globally diversified

in particularly outflows in quarter, strategies, our During in behavior equity global client changes equities. resulted in elevated the

However, strong per in affiliates' our decisions earnings period. to of capital our given of grew year-ago and performance, the share relative investment first-half the our the year with And especially alternatives, in impact liquid in which the on affiliates' basis, business investment growth strength and a in result highlighting earnings power. would in continued profile our business, second-half annual our our per-share we earnings results and momentum differentiated expect

fundamentally been As a some new time we've saying has the changed, formed. paradigm has now, environment market for and

into For strategy rather the active for an the investors rising decade that will change to and the of better part market be underscores construction. portfolio volatility low-volatility set objectives. rise. for increased passive last continue proved and to and equities effective assets approach a Taking course, to imperative owning Today's markets allowed achieving to an to clients' in complacency goals market critical than risk be simply betting will

combination in of among income of diversify With to review fixed investors expect losses into equity in urgency and return the streams. markets, we uncorrelated unprecedented a sense exposures

benefiting. industry this alternatives are shift and a evidenced are our of this early a in number year, into of signs uptick significant liquid We seeing by affiliates flows as

estate, private to XX% overall sharp of fundraising another outflows. industry to And private are market wealth distinctly given contrast in in into continue current real broad-based XX% is see inflows advantaged credit. our business across in ESG, and also liquid strategies, infrastructure, We generating dynamic. strength our the With ESG affiliates management, positioning and in and markets our markets, alternatives,

in management $XXX private billion is The diversity reflecting changing the our of managing markets, their absolute environment that value-oriented affiliates value strategies, a creating In and AMG investment of assets significant benefited to performance strong our earnings. addition, after Today, has deliver generate decade earnings. excellent cases opportunities significant return, in fees and strategies. data-sensitive fee outperformance performance many performance, can approximately under of contribution significant recurring affiliates to manage and across underperformance,

As know, have annual results. to a been fee our reliable contributor and steady performance earnings long-time shareholders

actively that in absolute continue levels growth relative increased More Given our differentiated strategies, return, earnings grown. solutions opportunity and going independent value, and as have founders affiliates align AMG's for and business by act magnify a investment these our and their business on shareholders is to business aligning in AMG's trend-following has model growth our efforts, and especially we affiliates partnership for unique owners areas, catalyst to power this a By and respect. their asset uniquely our performance capital providing execute XXXX, as capabilities their with attractive advantaged they on significant further growth see firms as broadly, management our respective in generate to opportunities, asset plans. in And collaborating earnings through strong structures. we forward. with is with based their

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more develop, even While will position quarters our expect take become these that we opportunities fully may clear. several to competitive

our as firms. with liquid in private alternatives, investment markets, we favorable including and management, particularly areas partner-owned continues us to back. execute highest approach strategy buyers The increasingly the are of ESG, current environment investing Asia, secular quality is to in partnership low-conviction As our stepping wealth growth, resonate

ascribing the having an In a way decisions environment, In greater simple. We have firms with on high-quality many addition, our in today's the firms is the we investment further AMG's Alongside to value their discipline These an dialogue our to evaluate shift ensure in factoring paths. decisions opportunity our judgment, engaged, are underscore like are require AMG. even forward ongoing evolved through our capital franchise. expansion partner and set, discipline the position capital culture. disciplined some the and partnerships. structure we every capital risk-adjusted probability This our strategy, allocation is seeing I dynamic to process of a evolving business, increases opportunity enhances basis evaluate strategic and prospective expected executing are in of elements organizational Capital flows, to aligned competitive our and success to want and a cash new affiliate commitment affiliates, to allocation all of that our allocation framework. our our across impact embedded analytical fundamental and of

this As we have generally excess to can that we expect we capital shareholders. return to apply discipline,

our has capital in years, year. including more in will investing opportunity in in to of the $X growth allocation value billion XX% reduction discipline count, resulted over X% a already combination differentiate The three increasingly framework Over capital retired set than time. creation in nearly share addition unique allocating our initiatives, past our AMG's and this

affiliates' in Tom given to Finally, that, as and our it quarter. of changed. in dislocation; set, and our fundamentally substantial for our value the of environment track discussed, opportunity review details record by to success And AMG's create we forward ability turn over confident to I'll the market are with energized periods of market the shareholders. has our enhanced And

allocation unique Against Thank environment, a the and partnership capital resilience again backdrop market our the approach contributed everyone. you, to results. good of model to of AMG's financial Jay, and disciplined morning, changing

deliver the inherent ways, full-year ability and expectations Our results. affiliate challenging stability impact in are performance new deliver in drawdowns in evidence positively us seeing position associated to unique AMG's performance of impact that, managers position exactly AMG's And model growth advantages well markets. affiliates, as to share. repurchases and to and investments business AMG in earnings the earnings advantages existing continued asset per differentiating share the different comparative Market this outperform you our fee earnings, in earnings to and quarter and utilize our for our growth, and

investment Turning to results, activity quarter quarterly line impact cash our $XX repurchases results last per net rates, outflows the Net $X.XX, offset as economic of earnings and and markets, share billion. exchange share with year's were client second foreign were flows. in new

result strong $X private we alternatives, demand primarily strategies, redemptions strategies. These in ESG liquid quantitative in flows were global markets, certain net Excluding billion. while were continued outflows saw equities, a and of

in of to market and the characteristics. active terms book saw to net And our private Performance Turning fund investments alternative for has liquid and in source infrastructure, carried to future on estate, with to $X Abacus. billion diversification. diverse our fixed and capabilities. mix was the of for $X and private interest. our with traditional, of these in EIG, investment markets and volatility strength markets long led The product businesses, of business excluding side, another strategies the strategies, to both fees net $X quarter their Demand across excellent a inflows Comvest, real by return ongoing this our affiliates add stable duration continued inflows approximately sources fundraising certain to and management demonstrate development remains in we potential and diversify remain continue we provides growth with new broad-based at Pantheon, across capabilities quantitative and These strategies led many and equity, second create raising businesses billion stability seek correlation credit, alternatives Illiquid excellent, strong alternatives inflows, billion. quarter, of continue equity, performance and in for of and and secondary income quarter. investors with the

with of for for performance clients. expect earnings complacency. with are for early believe many Systematica, the strong to The performance clients be our including momentum inflows. positioned seeing repositioning well for managers this portfolios alternatives a future stability we and alternative returns And continued this and strategies after in are We mind days in delivering producing in liquid Our year category Garda positive outlook positive Capula, we supports are we period these meaningfully outstanding liquid products. of diversification and

significant by strong greatest broadly seen to billion across partially activity broad strength equities, Turning of was industry by what In which are volatility XX-year of outflows we outflows Long-term And net client net outcomes equities, $X.X strategies. offset of Within period. de-risking over we in our experienced global global U.S. we a quarter our pressure $X.X was ESG terms range the with benchmarks the for clients. flow client which in AUM performance behavior coming quality as billion have for it equity elevated strategies. well-positioned mirrored resulted strategies. as the impacted in strong was client affiliates remained challenging in of seasoned to saw XX% more quarter growth in outperforming de-risking of active market high of equities, much with deliver a

a benefit including have of at We see long-term for to strategies of Yacktman, equities impact are secular and strong positioned many remains outperformance strategies this in with excellent our well from and Frontier. trend. River U.S. Performance value demand continued to continued and sustainable benefiting Road,

quarter. the with in and Finally, result trends. was income fixed This net outflows fixed of million income multi-asset experienced broader in consistent outflows largely strategies industry a $XXX of

to Now Economic of $X.XX turning and share million adjusted earnings financials, including year-over-year benefiting activity down by earnings was for net driven offset investment in year-over-year FX. of largely $XXX quarter share million fee repurchase second as X% lower from earnings performance primarily performance line activity. EBITDA new per were the fee markets of $X

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$X and of million was second to the expect interest $XX the level remain was our For a for controlling similar interest items And at each depreciation quarter, quarter. third shared these million. expense we

reported of share amortization Our million was second the $XX for and impairments quarter.

be in $XX it million to approximately the third expect We quarter.

were rates were this to million third XX% tax we the for third deferred respectively quarter XX% expect to quarter. we tax taxes effective Intangible-related Our be GAAP cash at levels were and quarter. material GP on seed. in at million And And we In Other the on expect a GP rates second items and similar and and be cash quarter. the excluding don't second impact GAAP the investments. $X and seed any the for third other $XX level. capital mark-to-market impact included economic purposes, quarter in any items economic mark-to-market similar negative modeling the which expect quarter,

of our and quarter. markets. return quarter second earnings share adjusted and the million expect alternatives above also repurchases the and expect to be X% we managers, third the XX.X performance to for make Notwithstanding severity I performance in approximately And for share we market to economic absolute of we evidencing period, over positioning business impact diversity nearly capital XX.X earnings that of be our Our weighted of the a XXXX on full-year want XXXX those AMG's count XXXX year-to-date in our of drawdown earnings. first-half time million average our comments and share share liquid share grew more to the couple for than count further the per was allocated full-year year, the new generated the in given unique strong as the our overall investments, strengths. at offset per

We deck illustrates our new that stability have the and to also fee a performance of our historical added investor page earnings. diversity

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fee approximately recurring to that we the have is earnings, performance of Over shareholders. decade, stream and highly earnings total $X valuable billion and in stable our past generated

and and the as expect shares to to incremental balance source including million In $XX $XXX and million X.XX% look securities par. at significant least is excellent sheet full-year. the of capital turning of of quarter, now share of generate equity and sheet repurchases debt repurchase linked $XX position below $XXX to allocation, remains we We equity we our million of balance retired convertible million Finally, for the securities, shareholder second a in strength value.

year-end. transaction, activity. and timing As subject to always, the track remain these also to expectations they which new the is close the market by are close subject of conditions on investment Baring of to And

capital earnings As significant future Baring a generated deployed. the and is our guidance, will growth XXXX as from incremental it drive is to reminder,

XX% investments and into debt repurchases. approximately expect XX% taxes, will We to and of deploy the fund fees, proceeds down share transaction growth pay and

As make committed disciplined we capital Jay being allocation discussed, we and decisions. are as to analytical

innovating alongside repurchases excess share and growth of cash. affiliates, once diverse We investing in these our Our approach of again us, this evidenced a our our substantial in and return new investments, of as And intentional. then capabilities generate to have investments making existing AMG after the we through affiliates, growth we in growth available will quarter. is and managing business amount a investing capital set to opportunities leverage

opportunity our compound deliver view and reinforces us shareholders. to position we market long-term ahead, Looking the value and advantages current The environment positions our further press long-term our an and conviction our environment changing further business the for competitive generate in strategy, growth. growth as for to fundamentally earnings

we're to take questions. Now happy your

At [Operator you. question-and-answer we'll be this Thank time, a conducting session. Instructions] Thank you.

with from Our proceed of Jefferies. Dan the first question line comes Fannon with question. your Please

to Thanks. the fee the the Good just morning. on the be seem outlook quite Wanted performance to for year, and follow-up numbers strong. certainly second-half of

in might you given that's in for based typically a is what that be guidance guess, here I this on that you, year of typically typically well, gives some we this guidance quarter. -- we're sitting of good we early a that your confidence component don't the can the quarter increased that fourth give fourth So, -- see event. And you August kind contractual X, there

color So, you quantitative around firms. been -- struggling? more year, return, And mention previously that been also, the doing have been but this strategies include a again, and does that better the for but firms struggling little the absolute have that than

Dan. Tom, Good to then you I'll you you. add. nice don't start, hear Thank from for and why questions, morning, your

of different couple a there's sub-questions address and think think I I them. in we can all there,

Jay, Thanks, Sure. and Dan. thanks,

being in our about let and bit new include So, significant our our as generation really cash talk us referenced as or on the a a that kind of enables investment in to year, us and performance provide confidence investor execute our And performance able little outcome of that's think giving excellence they're of earnings. a in the us it's for remarks, us particularly your year talk shakeout. across project in really the in materials, AMG, breadth me I I'll specific the fee that strategy. my will given of diversification, differentiator performance and the But to of we the confidence, contractual dislocation. our then prepared Dan, affiliates not real more provide about important it's likely And fee a strategy, thing a giving the earnings did business. times And question, market of that they to They diversity we is well. growth part way are our business slide breadth a

added highlights performance of earnings really I As and stability diversity mentioned, this our we new that our to material page fee time. over quarter, a that

As you lot performance a given often industry earnings volatility. know, Dan, to does discount of there's our fee tend

majority products I underscores unique diversity tend of variable really breadth And there's firms, incredibly we really fact just the the drive is page performance of two in nature industry. is to the have the we or that that many unique, and that have different. For AMG fees. types the this just of think our The one businesses is

performance our a than spread of cash are really fee affiliates, so a realized products us. basis, managed of a by multiple affiliates. to reported all individual more that terms the are in real dozen Importantly, that's across They're that on earnings of those and

So, a earnings durable stream. it's really

Over to by overall absolute market about challenging despite or the asymmetry in performance decade of we upside. there we've see expect fee And return past earnings generally so, the been earnings. another has the average And environment. XXXX, average the to course our XX% above performance we're the going year seen that, of driven

of contributing, talk a very happen. me so bit let -- speaking, level strategies the to the we time year, of that. fee it's are feel still that a broadly there's left know diversity about Now, the our little we your earnings there's and in can lot breadth the confident But point, some this look, and that given that

in where these also our eligible tend businesses watermark I other, they to XXXX, across about Garda, and but improving cycles. potential across have AQR, fee strategies outlook earnings, referenced as performance three compliment strong return one And in really some absolute buckets, high The [Ph], is performance $XXX the your here. continue exceptionally say like to quantitative broadly, would grow. big we to market you our earnings and like think fee performance significant that's as not businesses to Capula, billion [quant] is Systematica, frankly, across like only So, of contributing AUM question like of well resulting dynamics about is around we strategies, each that as also long-term

is at that where times. investments, then carried obviously, we're going markets, can has that we're contributor. engines last strategies, think data-sensitive opportunity year, to we only going presence there, a continue to product we expand we're significant to development years, through The investing be private to but for XX And bit is long-term the affiliates. little us. second know new our you bucket to going bank this diversity again for through more and been And important at different growth, existing fire at also huge But that longer-term building really a right, that's there not look of you interest lot be a have when which speaks where data-sensitive lastly, a challenging a different our

flows earnings back, durable significantly in than it's earnings why capital And times taking repurchases. we've over through executing and strategy growth the our that than $X others. stable and reason decade, fee last flow generated position, be in cash benefited profile a really more through our to So, it's another our step volatile many enhanced from more and more tend cash shareholders our performance billion on

your to you questions. something as a So, I wanted number And, of that think, more addresses think add I well. Jay, hopefully,

that a good is that good case have performance. Yes, summary. was Dan, it we got thank, Look, Tom, the

looking another we're with prepared said we're commenting good just in on business here. rest momentum XX% the private I second-half think in business performance, and alternatives. business I of the on as momentum, think the And liquid XX% the and year. the remarks, positive got and my of also saying a business moment well it outlook And markets, that wealth, in to ESG, we've the the momentum I as constructively and for

advantaged, very expressing alternatives So, our was everything really certainly overall growth-oriented, positioning itself. to periods liquid other was and where the not really relative segment is

So, concentration XXXX, alternatives liquid I -- alternatives think to liquid our adding you're of the really our flow. concentration earnings seeing, in

the other prior again, is that we've The it in call, I value thing but revisit think talked I'll equities.

[long-only] increasingly in think And we've orientation. significantly seen, you we value [Ph] clients, all as a to will value strategies, Veritas. which also look when general, Road, this outperformed Tweedy, but their of book, and going AQR, value-oriented allocations, So, we our year. Yacktman, think they our look a at as has River more affiliates, is And benefit they including have number about to

the business this then of strategy on constructive the that's capital new make also well. impact is And think, already as the in X% through contributing, of portion year-to-date. very our excess long-only finer our just having affiliates notable we're investment about Clearly, I equities So, to returned year. are done lastly, a repurchases, capital allocation point, but we've that

on All we've the the of together, comments the those made think, things taken second-half. reasons are I why

you. Thank

Our Bank of next proceed America. Siegenthaler from question. the question with with Craig Please comes your of line

good morning, everyone. Hey,

Morning.

the my is question So, pipeline. M&A on

back how Are I the be So, AUM has on how you, see evolved your take with curious to year-to-date. levels? these also, So, looking and given the targets? M&A a Thank step they pause would are of guys. helpful. pipeline some And just update was going an conversations pipeline to

thanks, I'll it good Maybe Craig. connect a And Yes, prepared just question. that's to remark. the

new opportunities the what quarters changed that just investment couple last we changing really setup think, for this. environment changed. for periods we're more the is AMG in track is environment I in, that has constructive -- challenging the or I because has record have like has capitalizing of been, The proven a we on think or

need initiatives, market of operates are to and as independent their in cycles, all it providing across independent a growth partner-owned support. because support to strategic strategy acting firms, always solutions Our catalyst solutions of firms and

growth people cycle, every a this, At about in commitment longer But challenging I no all that We're environment. the We're because our dislocation know just that's inorganic step periods I a talk about of our more a strategy taking of shines, before So, a talk in market growth or think ponder and industry acquisitions. the so in may end that pipeline. back to volatility. cycle, of growth for moment. be in we specifically AMG

favorable for firms So, for several investing today environment independent reasons. in we more a see

just first, the is well-capitalized buyer Consolidators, financial buyers, growth aside tend really The their being strategy, even inorganic often focused they And universe environments. Opportunistic become they more they the these conservative. in inwardly freeze plans. on step changing. to buyers, they become

going second more they're needs thing And the The in this become that's of on, is firms we independent more environment, have therefore, acute. think motivated.

or capital, So, advantage distribution, firms goals, increasingly we're generally and institutional this their engaged of seeing or benefits or third independent of And a looking firms endorse pricing whether environments partner, partner environments. what and themselves is take a support think then a seeking finally, to think in for the think like it I advise, differentiate -- constructive an reputable independent growth like finally the types the our of have structure, business we strong strategic shareholders. are of AMG, just to partner, be benefit are to environment we in to these more that,

our together, are structures our things quality dynamics these rate of that and we all to attractive success think will taking with positive the So, high increase shareholders. firms

your now be So, itself. on question the pipeline to may specific address

firms, areas secular in in Our or of to our current strategy growth. invest pipeline broadly pipeline, it reflects growth

pipeline liquid lead are Not our growth will a Asia, as representation to on mix, execute about better conversations ESG, in all a today. all number which but lead partnerships, in illiquid transactions. alternatives; and wealth, businesses of And the have these will resulting We of new operating we business to enhanced organic excited we will. and these

certain specific, more segment even areas within each really on. focused maybe So, we're

were energy in environment, the we expect area. more we geopolitical assistance current So, intersection need sustainability. for example, We for with the government infrastructure, on think and stimulus, and in illiquids, the technology, this very tailwinds focused between

so very at And that intersection. executing on we're focused

but both also of strategies positioned that focused we alternative well On recession return, opportunistic or also the a take can for only on advantage strategies are downturn. liquid but continued are side, volatility, not that absolute

can who engagement years. some and initiatives alternative these support think on side, of stewardship, we their on conversations doing these over I approach that areas. can we both where truly ESG, term. being And many also we the long strategies. finally, selective we in also been We We've affiliates help and development. the think And for do In medium sell liquid and illiquid many, only, in to help areas growth are in are and it we're the their our to really having But very those authentic, the have guess, wealth Asia both take then opportunities here. advantage areas, management we particular,

really, are to or we So, capital current to kind and expect with we summarize, our to be of pleased opportunities. able deploy pipeline, these in one several of

Deutsche question. with Our proceed the of Bedell your Bank. Please line Instructions] from with Brian [Operator you. comes next Thank question

you last on to in pipeline, morning, answers investments for Jay, can, can pricing capital and your really even both the buy markets do allocation going down see towards fulfilling to an if you up fruition that of that pipeline opportunities, shift investment create me terms in about given well. potential may acceleration of of that as partnering, good may I that management's oriented expand thanks. let this strategy additive. Would the if and strategically more desire, on mine Hi, to was it on buyback, those opposed here? while few if with Good that like second how the opportunities described folks. And would Great in new on are one the investment a questions last come as investments thinking environment, you which how be you've to looked it, pausing those end But back?

good you. Brian, very to Yes, morning good, and question, good

start. me Let

very and was on balance it's do is of going about will I two over the short opportunity talk color to strong more after your been least, one I capital, one a they sort layer environment maybe going over we're think decades, but elaborate return a further to over think to last And generally independent, new on Tom of to on deeper a the generally capital also think last comment. I current it five, to give years, the to think and we're sheet. And pipeline, shareholders, set. in we Tom affiliates. we're stay is at investment because I make then get lot want to little It's to answer question need just turn the to independent firms, investments existing capital building this because help. opportunities we're and the do speaking, And speaking, I I going they that, and going been both, going to to maybe seven but a have

so, think through with both our distribution our three differentiating affiliates, the track in of marketplace support, our experience, well And new as really I today. efforts, advantage product helping as and our decades record that's strategically

from over each into by, cake proven So, we it we to that your alone. period a We're an will are I leave starting of time. It's we've your perspective. to we're from that can and engagement you But at your support and goals. and perspective eat kind you better to think of And longer that distribution and going think a help also business. have too. to we're getting it goes I lean We going day really can, try

to at might about also our that those at partnered attractive look we are firms. the So, our growth excited able but we we we with structure help be not when opportunity we very once about the to affiliates pipeline, only achieve levels are current excited

that pipeline, that's think every it's I to our be one nearly but in absolute. So, hard

post almost firms of say will pipeline Let's their we actively product in investment. sell our all the

excited So, I that partnership. intersection about and think strategic very the between the are we

also transaction. The need to continue that well. to succession, pipeline solve and firms problem do Some age of old are with oriented for in partners we the succession that our demographic

I at are think planning. the we succession best

So, of have we some of pipeline it's do the those. minority But today. a

investments. billion Now, a going But capital than just steal to Tom's I three past repurchases. it's I more the much into over say that years and thunder out dollars into won't put over we've growth would And your here. question

capital our is to to means Baring our which probably return a way today. our XX:XX a about really numbers – in the is little to that and the that leave planning, it that Maybe to of still is shareholders. talk also balance think I'll other, XX:XX there or capital but balance, Tom transaction lot not bit I one

thanks, Yes, question Jay, for thanks Brian. and your

drive capital. capital this And prepared to allocate talked valuable a we to valuable allocate about can efficiently us. very is we to capital our that to that are to approach remarks ultimately shareholders. long-term I we going in and It's our Jay the we place value. allocate incredibly value that our best incredibly So, the create where both We take we to and if it that do know if we is because disciplined

hugely nothing So, than to of business there our so debate more shape is put we where the internally executing on It's our important strategy. capital. that to culturally and our

business highly our As you know, diversified. is

our recurring business. advantages in Our market cash flows P&L our has significant in of And for translates out play resilience into are structural volatility. you of that the and really the And strong context seeing that earnings.

Now it's valuable a us. asset super for

we about know, come through little additional post significant more advanced will balance As very moment. flexible, to that's a with duration. close a a amount liquidity going transaction. have sheet the of bit of that the talk And long that be further you in Baring strong I also And a

capital repurchases business. Taken enables for to always excess make together, high discipline of shareholders great really to right that see for investing also we and of but to long-term combination through sure returning opportunities bar growth be in us where Jay and we that our But investing the that opportunistic have the keeping terms both leverage. very the as said, of growth managing then

growth we're this $X.X mentioned, continuing do period As few of that by to to contribution repurchases And making our a count new dollars the management we've billion returned the And shares years has over our time past in outsized that. That share repurchased about work investments place. over million quarter. We put and of capital than are investments earnings this we in includes since more flows. our capital areas both been to $XX all course XX%. billion through of growth across of about secular same reducing that Jay an nine

million. of regard we we're in are full-year least As remarks, targeting monitor market transaction. to the prepared I at said Baring And my continuing the with repurchases $XXX

it'll And -- in our growth capital of So, time putting to terms as plus in a that that it have to develop time. guidance. work said we growth term as pipeline to our going dollars probably it's our or accretion a earnings work continue and capital drive capital And about shares. as think to new to repurchasing us And thoughtful as earnings opportunities side the And XXXX more reminder, long of that some significant entirely of investment the look, incremental as to over pretax. is develops, a billion we in take we to from plus as put growth terms that's the and deploy future. previously, we XX% minus and

And in a have a And shareholders Looking to in opportunities compelling that flexibility. ultimately, deliver very forward, earnings of I'll of tremendous land capital long-term growth. lot we on very just to we see opportunity us puts we to a compounded a front see significant We us. valuation. at unique growth position return think attractive

Thank concludes comments. turn for that final our any floor and gentlemen, session. you. to Mr. I'll back question-and-answer Horgen Ladies the

Thank this morning. us you all, for again, joining

quarter. speaking results. And in As you generate next XXXX, momentum, AMG's as are we're business given our well growth We earnings to long-term. ability forward look pleased second the with growth as compounded in we heard, with you over quarter our to confident strong

today's concludes you. This Thank conference.

lines You may you for disconnect this participation. your Thank your time. at