Affiliated Managers (MGR) 1 May 232023 Q1 Earnings call transcript

Greetings, and welcome to the AMG First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Patricia Figueroa, Head of Investor Relations for AMG. Thank you.

You may begin.

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

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

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

Patricia, $X.XX of delivered reporting the share investment impact good and per results allocation quarter, capital earnings economic to start of XXXX, performance Thanks, everyone. the by solid excellent morning, positive driven affiliate first our strategy. in AMG and

to active have themselves disruption forward asset we the as advanced opportunity attractive have we alpha-oriented to to enhanced across set. the the we volatility dispersion quarter, product environment during created of rates. High-quality the historic macroeconomic see evidenced strategies elevated differentiated managers by and During development distinguished and uncertainty the and impact market alternative and on in our returns. new Also environment invested the in quarter, investment generate this several distribution volatility, opportunities, sector in banking as capabilities, and the opportunities in both position continued treasury we equity resources our capitalize changing the liquidity

continues equity outperformance under have a with to Consistent alternatives returns performance years, U.S. markets both more trends, seen And reached XX% assets X delivering be active X-year than our past we those every liquid liquid XX% of levels of decade than seen above approximately category. in strategies in more benchmarks. generation resurgence nearly last XXXX, in our the a excellent, ago. of and Over alpha affiliates equity alternatives and excess private management with

firms We across clients, Their entrepreneurial and existing a outperform. Differentiated assets expect cultures enable to alpha-oriented the managers and have market critical long-term markets. AMG generating in are return for that in of unique changing on records, positioned cycle. entrepreneurial invest best firms partner-owned the in to at them clients represent believe streams a and all are strategies. their of market their grow of stages cultures achieve independent alignment spirit track alpha-oriented dynamics persist, competitive high-quality and to independent objectives. focused advantages a rapidly differentiated diversified opportunity With affiliates protect returns offers well with to strong We client ownership our independent those long-term to alpha-oriented scale. managers investment array

firms with expect additional business our positioned an when differentiated is time a with clients. Today, well new approach their model as enables profile AMG's and attractive, and to asset entrepreneurial partner these to with a across at classes, to AMG client preserve growth. accelerate. to XX an decades them. long-term opportunity diversified highest time firms, well as streams firm in built in maintain have alpha-oriented for nearly the and return partner-owned affiliates, along with proven make their experience firms quality ability one focus partnering their offers a And have investment geographies, we each that and is investments existing strategies our for and with at we to of business independent identifying demand with shareholders that see We independent partnership attractive culture we alignment

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that value Given can our well engaged increase activity. Challenging of prospective relationships financial is partner. present Choosing a strategic record, highlight XX-year we positioning, the partner with most ultimately paramount. enhanced opportunities their our strengthen business. investment one proprietary important expertise all level to competitive of creating and process, their an track flexibility their AMG's and and of are new periods for decisions that orientation affiliates, magnify our to for principles independent with value partners of firm also and value positioned stakeholders. the And is work make the of in an efforts We

strategic long-term objectives, initiatives. we of to capital other that continue to affiliates our advance and Affiliates' engagement, formation capital succession through business As including our part planning, and resources using invest development alongside our

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impact across ensure opportunity a our and investment our Finally, evaluate proper capital strategy, process Affiliates, franchise. benefit allocation business investments the in stakeholders. require on These to all and affiliate structure and we alignment existing and our mix, our our investments new of allocation elements we cash and decisions are judgment, partners basis, executing decisions growth of and with fundamental to is all risk-adjusted the factoring embedded discipline every culture. in that In flow

as our changing ahead, invest capabilities which, market for environment, create of historically, broadened unique opportunities have growth our and can a result and value. Looking have invest present opportunities the to seen steadily been building we as to

our of that, to and the approach the our opportunity confident we set with details are allocation, shareholder quarter. over to capital to going turn and our Given to review forward. And the disciplined combination value create I'll strategy our it enhanced in Tom ability of growth

and on strategy balance Affiliates our solution our clients. Affiliates morning, position private navigate demonstrates liquid AMG's good to of and behalf The their our earnings The alpha-oriented new volatility of strategies significant and markets, execute and stability our alternatives and of everyone. across value combination ability Jay, the mix, of value. you, quality position to existing strong business with create partner sheet shareholder the our AMG to Thank set and of high-quality partnership well capital on to and diversity

This our facilitate and reflect realized products growth balance per of sheet to we updated definition the execute overall economic of quarter, returns EBITDA, affiliate on economic net the the our on capital and our invest we strategy. share income earnings to

strategic seed and We will unrealized gains And prior press supplemental losses balance change metrics. on and excluded commitments now GP periods applied sheet see in losses. also earnings retroactively realized any you'll our and capital, our to release that gains this definitional other investments include we've in historical and

invest of included secular performance liquid $XXX additionally share million of ongoing $X.XX benefited areas million quarter earnings and the Now from turning reflecting of $XX our to alternatives net Adjusted and the execution strong per to impact fee performance at strategy were in first Economic results. affiliates. share earnings, our ongoing of growth EBITDA repurchases.

Turning $X improving alternatives trends and performance a equities. excluding were to improvement strategies, to fundamental compared markets billion, well certain investment liquid recent quarters, client as quantitative outflows, flows. across in Net cash meaningful as and private both strong overall continued reflecting strength

Comvest. of in flows Now turning $X we again alternatives, certain inflows excluding reflect at strong of billion to net and $X.X business quantitative the with strategies. across markets first quarter. and These inflows EIG reported Pantheon, In private billion results our performance

are infrastructure outstanding These across is generate and real track source fee credit, fundraising to continue to management momentum. and that building as well drive continue secondaries estate, Affiliates Our term. performance, stable long-duration as the performance long-term of over a excellent opportunity and a their long assets fees records investment growing diversified

as of $X.X the liquid generated for performance where nearly outstanding ex look diversity portfolios. and to our we and strong alternatives, to quarter, uncorrelated We saw wide demand a in add have return for clients products, also across inflows, range quant billion Affiliates differentiated streams of their

X on liquid nearly to the an generated strong years. we which addition, quantitative building strategies, in certain sign, billion over alternative inflows of is In last $X X encouraging performance

to U.S. recapture considerably billion, a saw well long-term cycles while to Turning improvement Our quarter. to in to relative remains over overall strong Net equities, position net of affiliates' global we $X records slowed outflows prior mixed, also meaningful And moderating $X time. In performance quarters. equities global across billion, outflows multiple equities. demand versus them client near-term last track

on performance value-oriented and of We X- a River at highlighted continue by generate Yacktman, strategies Frontier excellent assets outperforming to with approximately category and this XX% X-, in Road. XX-year basis, investment

of Finally, and strategies by income of million, quarter inflows multi-asset strategies GW&K improvement, at driven second consecutive fixed and with saw fixed Artemis. income $XXX a

to moving guidance. second quarter Now

be X% million fee of blend, net to $XX million as We quarter-to-date as affiliate, on expect $XX $XXX current our EBITDA million the which market Peppertree. including up of adjusted our of was well reflecting second newest based levels, to as Friday and million between AUM quarter $XXX performance earnings impact and

items. Turning to specific modeling

For controlling $X amortization $XX million, million. and million, the was was million, were interest expense first taxes deferred were $XX impairments share and related intangible depreciation quarter, our interest $XX of

second metrics at to these for remain each We the similar of levels quarter. expect

Our under net effective and be our the and included in quarter. tax updated are economic Other XX% second XX% Other realized them expect and $X negative the $X were XX%, included quarter. GAAP items in economic items now for million were income we respectively. in which cash And million gains, economic to definition. XX% rates first

of to we additional any per million expect million and contribution quarter realized $X economic $X from Going other expect not gains do forward, items.

for the repurchase at million, reflecting count share the program of we of average that impact first quarter accelerated weighted share end was last adjusted year. Our XX.X the launched the

second similar We share remain at the expect our a level count quarter. to in

Finally, the balance capital and allocation. turning sheet to

is Baring shares of sheet the The remains of connection monetization the an we nearly look mid-April, bringing excellent gross million. shares strength of quarter, total will to the balance the position we freely the lockup in with transaction, EQT to XX% in position shareholder Our completed source over and a $XXX and expired we monetize on value. the time. in the realized In continue proceeds remaining tradable received as to we generate incremental significant

have impact capital the share are significantly dislocation, to invest including strong we of Our in across when liquidity times ensures earnings market able per profile. cycles, long-term cash our potential our to position and that

least to million the continue share inclusive $XXX for ASR. at the full of repurchases $XXX year, We of expect million

activity. expectations investment new to As always, conditions market remain and these subject

ongoing evolve. To shareholders via more opportunities holding the Given we to market have framework. expect do compelling not volatility, all leverage. the years, as common substantial repurchases We making we have over opportunity demonstrated the under of over ahead extent our new disciplined X managing remain to we allocation decisions to and flexibility while return cash evaluating are as time, additional investment new continues a last committed capital simultaneously materialize to our compelling and investment combination set and opportunities opportunities capital

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

take your Now we're to happy questions.

with Our Katz first from line Credit question Instructions] [Operator Bill Suisse. comes of the

one So you. Jay, for maybe

the of mentioned the and you your Just opportunity as sort a prepared be might commentary, little Tom in expanding bit. that affiliate on set well, side

the or areas Sort look X may we versus wondering between sense little could of pricing where between a X what what be that you today might where continue bit that looking months you your if pipeline and And talk the what about is sellers maybe ago. versus into? were sits be for where bid-ask to

Yes. Thanks, Bill.

advanced we remarks, you're pipeline In see with on did prospecting prepared discussions So our continue prospective my right. we've our to earlier several there. that I in mention build stage affiliates. And efforts

momentum touch environment I'll our I in to for on the come I'll then that maybe those reasons, pipeline and operating in. seeing the we're think -- and actual we're several the back

areas the and includes think, I markets, the you've growth, point, liquid this strategy past first on in thing, long-term momentum are terms think us alternatives, that a sustainable that strategies. in secular to I we the wealth say have So in which invest in do heard management nature Asia, growth of private

universe. I been have years, reorganized within years prospect universe. our methodically these conviction target of second, increased and a which we for our durability targeting several has new and last maintain areas to we trends, resources there originate our Given relationships and high guess investments this few in expanded back, the the these

So effort more more we third, time, over to our put partnership we've solution. it people. And broadened then and

So set for resources attractive even expanded that's number Affiliates. other to our added this we're evolving succession that having. is the solution strategic landscape planning, more an just growth increasing not conversations distribution of and capital, we've And

of all significantly And the together, differentiated is independence our resonating with Because partnership highest while think X we Why? strategically of quality partner preserve it. with firms. those independent taking engaging I firms. because So also approach do we're our

it increasing of in with supply opportunities sort think, our reasonable them I seeing activity environment, constructive incremental on your to expectations valuations, helping our because of the least to has and our ability at with increased. an is environment, adds point, think pipeline our the transaction pipeline. Then I us today. favorable long our term. partner Affiliates with reasonable is that, and We're the with come So as to levels risk-share that we tailwind structure and that And for within

my are constructive as that set partnership sort over we we our term, solution competitive and increasing. offer, investments we medium about remarks. And do and the the see the given the position our prepared doing our in solutions near said new So and demand of increasing of attractiveness model I for

So your thanks for Bill. question,

Our comes question Daniel Jefferies. from Fannon line next the of with

flow So trends. I wanted to of follow some up just the on

there quarter. did see that's quant you I in some certain the of new improvement -- ex, the was a inflows disclosure. seasonal we billion $X certainly think funds, but in numbers believe a more as it first I highlight that basically little bit

the that's and more So fundraising quant kind prospectively about doing backdrop talk maybe you're what within trying slowdown what kind what of maybe then of outlook, broader little as bifurcate to private here this viewed And markets bucket, of seeing maybe detail was given just is maybe in was what a if a the well. different.

start Thanks with have your Tom to going I'm that. for question.

Thanks, Dan.

of of saw in trends overview inflows, is but business not give So just terms in kind and I that how what an and forward. up setting only the generally client all think also just terms of I'll of try hit going you we

growth growth really business, the mix driving Jay and profile against as continue the his talked an in some So enhanced of toward prepared our about really of key growth more organic secular we areas. of business strategy execute long-term growth our overall. is And evolution strategy, that to we economic as remarks, earnings

your the a say the be And In bifurcated, strength year terms saw the good start pluses to side. on year. currently first alternatives stand, and then fundamental to equity headwinds of the flow we relative quarter across really the really to last us minuses for of and I'd point, where we some story overall, was some to continues

market benefit the create their to to infrastructure duration the estate. diversity of raise valuable seeing are time. And credit, traditional depth not these private bit and is well-positioned as I in our there are effect others market. some think the know, number from Affiliates, equity, in to over majority that more seeing markets our of positioned exposure specialized exposed and a sort denominator continue across and the not we're of to fee question, rate, vast from we're We but of and their them as a of space, the that the incredibly you strategies your private And potential assets including differently issues flows given carry buyout-style we're given some private real strategies,

what the liquid than active On the we're uncorrelated book we delivering X-year the flows. period. years, around from my raise into that Affiliates the on absolute the a mentioned that And liquid did our of More diversifying return seeing performance of continues AUM strong over particularly strategies. number alternatives portfolio past and course there very remarks. in XX% sort excellent alternatives delivered in side, we're dialogue prepared and the We've having construction and you we're over alpha translate very performance, within and to side, particularly value certain has with and sources. And alternatives our clients of return quant of a of seen couple within of

So of X impact as that total, quant certain overall over on the we've start than represent inflows alternatives EBITDA. And billion in alternative had maybe run nearly to into last to rate the and those client strategies, of touch seen of some equity early of see years, it flows it cities. of to historical of a $XX of quarter couple this more mentioned, kind now the some then our I XX% challenges. In side, briefly was tale of strategies into nice terms that

some businesses track long-term in international are global headwinds that a the what that for but in worth that's continuing seeing an Affiliate with to it's still in noting strong we're side, industry, records, we very very opportunity line number good I category, some and see that products performance brands. On high-quality And very sit in and we have also think us. of the

the positioned. outperforming our very if number you AUM like across is other U.S. On of all XX% XX%. we're look side, equities, in periods. is at value, And more well time that

push billion prospects fixed organic long-term of We despite to you demand round picture, our the a direction of also And like total in on of quarter. very the and that And the and lastly, both this been So organic outflows, it confident about long-term in then new generate that's multi-asset us. in also just time. about some some general, our over that on U.S. business expect there we growth is as of sizable for we affiliates Jay answer on today positive profile positioned and more areas, feel previous as $X.X inflowing are and we're execute well. And we moving saw out, trends for the that's seems the portion strategy kind to a more near-term made a contributor inflows the the client and continue overall, side, points Affiliates category secular as growth really positive our to to equity ability at about look these well to it overall, And question, steady growth growth future. we to when add income, in growth. for our

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

doing both Tom, Jay you're and hope well.

GP managers? to to investment. the you competition all? been alternative specifically minority funds I your for So at How for you do large into follow trending to the And see have new X on first investment question want bumping competitive the dynamics response M&A up

Yes.

see previously, broader to just I the to we -- recap then do I'll answer said really of ending solution is anyone So question, partner-owned come that is independent to that of than set addressing the your AMG sort else what firms. and

of say really just other would range our me management. that the the first. And then make addressable is thing market is I So point asset let full

So set, as alternatives, strategic that when equities. opportunity are well you strategic active you think help. and liquid private differentiated it's we AMG's And leave across both business distribution, as about alone markets offer development doing

the we to to position competitive our view some situated traditional extent, and than different buyers. be So just state differently

choose investment Within AMG, them. markets, and the we choosing for still narrow strategic again, us of they space usually when for are help. the people very But private see

active we record long that across guess, and those or -- strategic And succession across planning differentiated competitively looking when liquid an partner a they're really to for there's partner, especially out category left to long and reputable, very be best back when alone. And be just tend either I the maybe alternatives track are advantaged, then equities, well statement long so a segments. the and being whole in well tenured, in in positioned, context zooming looking track and we really positioned market of there

constructive our we to attractive and set all we see we opportunity ability new pipeline, continue are X our own look for and when see to at So on we representation very buckets, investments our in AMG. make

the Alex line of with next Our question from Blostein Goldman comes Sachs.

hoping we lot of on products. were performance in I more liquid volatile so the far That could this or obviously in some improvement quant of systematic a zone dynamics was bit category Things the in a saw year. last year.

liquid quant the help in maybe contributed is how turbulent could extent a risk by strategies So growth? backdrop being your much And to strategies. what organic to year-to-date of and frame more products be EBITDA those us

Alex. Thanks,

let start. me So maybe

strategies, did saw rate really following volatility put the in historical trend So levels But see interest roughly XXXX. year. To of week in of the that were that XX% in to performance a XX% a ensued up the it we point, we those funds period. context, quarter perspective, we banking some impacted XX% in an to this industry-wide saw drawdown over by following pullback couple earlier in same your crisis in those

look performance continues when the certainly trend in long So term the over to and you following strong. term, intermediate be very over

subset really, but is only piece following. which we're makes a alternatives, broader return, I subset our alternatives which in trend liquid of sort of a importantly, a think is subset up of overall doing of is what your following subset trend a of one which it absolute strategies, to of question, is

some value well including Capula the our fixed Garda year and long-biased about think there many others category strong, that you of relative income as who as when very started overall, products. So at are

earnings in our across fee really diversification for performance with So and a impact are performance affiliates approximately billion again, more fee fee-eligible seeing well role have we're book positive play a an important $XXX overall very of diversified and our And very market back, than performance that those diversity earnings-eligible dozen of assets a the return private all basis, performance that on buckets. and absolute you've only beta-sensitive and multiple cash of fees in us. play cash, through across products to realized of durability right? that are that's We a so really all And seen terms report over us. Stepping time.

on we So has at many book, the I book our think we way the the the when alternatives the but performance course about last years. trend forward, over very bump continue last of and again, setup year there overall feel look context overall. going X a the have years, to liquid certainly good And near-term of certainly, the performed past over strong in very the following,

the quantitatively driven is -- the are more guess on and my just which I'll strategy. broadly those of AQR, firms, add by really I perspective Yes. bucket Winton, diversified and Systematica

So some equity of strategies. them have

Some them cross of have market of strategies. kind

Some of strategies. have them trend-following

it down, is are picture, those a in and zoom-out of of are Tom broadly the doing strategies. narrow subset really his really, So said we're The broader businesses as subsets, fairly set picture diversified. to well narrowing

months, kind of last last especially we're given excited of XX X performance. So their worth opportunity, years' their about

from of Brian Our next the question Deutsche Bedell line Bank. comes with

exactly. new of, the materially sales expectation I the especially your the long-term you about of internal know the side efforts hires, what flow Solutions. easy over, bit do sort to of it's Jay, generation? medium be, partnership a AMG big not I to guess, Client some distribution net say, guess But in positively Can at I anticipate new is I dynamics picture AMG define as question think talk general term? you little to the Head for would you about longer talked influence

Brian. think question. answer long-term Yes. our positively that Look, short own flow at the we Affiliates. is, your our Thanks, for impact do Thanks efforts trends will yes,

we talk think first back I'll So that. why to maybe then step about

support been, long aligning Affiliates have resources our the years, centralized periods. initiatives several do over frankly, with help and, We on We capital growth over will last our distribution centralized opportunities. business think

for good be will shareholders. it So good will be for and our it partners, their

we've Capital period to to the Formation deliver client that differentiated were align across the So new this platforms our together our new strategies. integrated their That to with reorganized to on focused strategy strategically And end-clients our our opportunities our to delivering calling further our groups, to to wealth. ability those our a resources differentiated so bring Affiliates' and the strategies do streams is both reach really and of product team, on and channels platform geographies, returns everything both overall that, to development extend affiliates our we're solutions, Affiliates. with products called really makes which and strategies affiliate client institutional that end-clients. To We'll sales brought evolved which and the teams and collaborate the group it new wealth into with Capital over the Affiliates existing more ability deliver product more distribution Formation. closely and launch really really institutional we single effectively effort, operations, capabilities and our and have the development, group, strategy that return

Client the these and So development. reorganizing to allocated product to resources teams, key invested of hires in addition we've Solutions, integrating new Head in effort. a number We Jacobs, also brought senior in Rachel a to in of We've distribution and deep both sales has geographies and key record and in relationships the across track investment of leader institutional teams. industry, and developing with highly highly across partners effective leadership Rachel wealth. platforms a respected channels who a is provide sales

working and on the our a So number she's product already Affiliates. strategy initiatives she'll of team, work closely with with

Formation our Capital capabilities excited AMG's this. about So Affiliates. we're us with position strategically

strategically that and an So we Affiliates client-facing in investment partner both unique them. addition leaves them capabilities are to support a and able our help process being and deliver to operational day-to-day operations, to expertise, independent, a from

So time. this. profile And impact that we're about organic we answer your excited again, positively -- do we'll their that do to think and question, growth anticipate over we

Research. Autonomous from Our next line comes Patrick with question Davitt the of

in you managers lot I'm dislocations fronts. month of new it potential hurts assets managers, the curious think you you or what tangible assets impact on in of over would motion it curious then have how other are the there's the all or kind bank-owned seeing. given from X do could hand, asset wins either way, of so so affiliate any I just bank or argue last you seen One, on motion? the And helps wealth frame a the and discussions? the

for question. Patrick. Thanks, your Thanks Yes.

take a I'll maybe, go and and shot follow this. -- then each So you I Tom up. will at first, Tom let I'll

frame So Patrick, corporate to any at a question. didn't of didn't any And from Affiliates just a of had we corporate owned stocks, exposure. material exposure in or in banks level, to I couple Affiliates really none have the but of the outsized who We have it AMG our perspective, couple any a guess, first, way. a an

around really impact, first So much quarter. of order a as terms in see didn't the banking volatility issues the of the we some in

on their from partner-owned In volatility past of multi-leg it's dialogue, another terms landscape how independent over impacting will and in course or about prospecting terms in they viewing of that thinking what's build sort just years several specifically been touch the one and of I'll the overall our of of investment business here. do of are thing a way happening of it's But Jay terms markets leg really stool in the in firms changes to sort say more what how looks opportunity the new maybe conversations. is, like the

to of and a uncertainty, kind strategic sort help in of opportunities navigate them about and creating quality partner occurs each these an of try more more of the market volatility, help event creating businesses volatility, front big the new in thinking see and them you try prosecute really lot out them. to of institutional value As

perspective, macro that terms just Jay prospecting. level things a can then from really it's AMG addition better the do make little And my So about to bit business of talk a and I how any in list think specifically can help? I about, are another maybe of thinking people impact

point, fundamental for at with make brings impact differentiated markets. most really Yes. it the me to at is an fundamental the active a there's market discerning prospecting, end but maybe the security level Well, with level, take the broader to to level. banks, managers I'm then going which opportunity at individual Obviously, choices, which I'll of

alpha alts differentiated in equity our in we've strategies, seen seen have and liquid returns strategy. We active

this where environment -- that's have in my symptomatic seeing environment a for really independent partner-owned employee-based advantage good firms of you're organizations, this an I And is think So alpha. an to is because they consolidated opinion. relative strategic

even are those So a management that today a has asset functions. say, talk a happening asset We've area. I one range at trend. is -- of non-bank management non-bank the that in it today And what's people taking might been about seen it structural the think -- then most direct I banks notably, in maybe accelerate decade-long perspective, lending would and areas,

Street America. areas that but it, call are So side the management the even other non-bank asset banks I many helped, on asset guess, there kind where either the -- side Main or on of really spot of used has filled consulting to,

investments. It's kind within business And so last formed That's starts, of the high-quality asset starting independent and that we're or that management long-term banks one why it new firms. to because, which trends. new the trend means speaking, from It's and to asset not leaving these -- markets generally seeing of focused banks new we're joining clearly it's industry, disruption people reasons divesting. just necessarily management people is capital in people leaving I are on secular get the benefited the -- in point,

said do is here, in which a making to therefore, opportunity you independent we advantaged I question. a capital really our the uniquely in AMG, capital. are excited in alpha-oriented minds. can is prepared partner-owned investing as where alpha it's that And Patrick, my and that's remarks, It's diversified human organizations. created because human place AMG's are in we Thanks, your best So invest independent are And participate. that think I'm about for find firms of to array high-quality point we

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

all this you again joining for Thank us morning.

our to you you allocation in value forward growth first create significant going speaking through execution we We next strong As quarter. of the look our AMG disciplined forward. the in capital our ability with shareholder achieved strategy and quarter. heard, framework, are results to And confident

conference concludes This today's you. Thank call.

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