Affiliated Managers (MGR) 26 Jul 232023 Q2 Earnings call transcript

Greetings, and welcome to the AMG Second Quarter 2023 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, Patricia Figueroa, Head of Investor Relations for AMG. you. Thank

begin. may You

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

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

morning, updated investors regularly and our site we information. consult encourage presentation addition, In an this updated to for posted investor website to our

today Officer. us President Horgen, Wojcik, Chief With for results discuss company’s are Chief to the and Jay quarter Executive Tom Financial Officer; and the

over that, call With turn I’ll the to Jay.

morning, quarter across Patricia, and both repurchases. everyone. strategy Thanks share AMG’s growth allocation the good results positive of capital second and investments our impact reflect

announced in-demand new quarter, evolving we four composition further our business over the a in the partnership last years, marking with the our of seventh strategies. During investment towards Forbion, alternatives

investment We the quarter. several opportunities continue attractive to of see new advanced and them during

and ahead, expect affiliates. existing new alternatives additional to investments capital deploy through toward Looking in we liquid private markets and

from the we uniquely on shareholder partnership along significant robust our differentiated to positioned time which transaction, further enhanced flexibility, strategy. veritable long-term financial over growth as deliver Given proceeds our the value to will is our discipline execute capital by with AMG model, and continue allocation be

firm venture growth minority leading Forbion, a a $X assets European in equity life than capital sciences In more in management. billion June, under we announced and with investment

The to well life robust business and capital, from focused this impact. demand profile. further investor diversification new sector partnership our will innovative commercialization and sciences, of participation benefit the our in drug societal client bringing well-positioned affiliate as on as a is for venture markets, trends development broadens firm meaningful our to therapies. demand be Forbion strong first And private with

to The and their AMG given while with to orientations, deep The partner independence of providing which partnership autonomy including our our cultures to as capital client attracted long-term alignment, our formation Forbion’s well operational team AMG as firm’s we Forbion our which unique respective our investment preserves strategic access cultural capabilities, approach, will and were Forbion chose partners expand base. capabilities. because expect entrepreneurial

of and achieve to in further incentive Forbion enduring ensures expertise importance an deliberate this multi-generational that long-term design objective. as the AMG’s is paramount partners, to reflected advance Forbion’s will an firm Building the alignment, firm’s structure of ability

in seeking demand next-generation leadership at firms evidenced for As operated seeing new investments, private now our of succession have some by greater given we transitions partnerships, inevitable firms decades. markets the for that planning-oriented are are recent need for that

affiliates. back, uniquely even over more and independent broadened in AMG’s enhancing for strategic proven firms position, seeking providing partner few step proposition Taking has solutions. private AMG existing prospective record track XX-year succession-oriented markets the the competitive affiliates’ its attractive unmatched, approach are making a an AMG attractive to a our area last years, value and capabilities,

capital, product independent the most that questions we capabilities, and business Today, offer array support, growth including independent development the formation available face. and strategic development, broadest capital on firms, insights partnership planning, solutions of to firms succession significant

tangible success Our has engage to affiliates results. yielded magnify to their and our collaborate ability with

in billion the management fund has have we U.S. the the channel. in Pantheon and equity funds and one space, meaningfully This wealth Over one successfully most support. launched U.S. years, we private the highly the past several of first asset-gathering the of our wealth launches is scaled affiliates, efforts private enhanced including product in products AMG and have than strategy the evergreen through platform, regarded the $X to markets under since. assets Fund, more of grown On

successfully platform the channel, time growing from both billion In institutional and its ComVest we billion supported opportunities than investment broader at debt client today growth $X private capital have approximately in of more U.S. yielding to global through capabilities, the and the base. enhanced institutional $X our across

in efficiently AMG’s have by relationships scale successful of also been the affiliates to marketplaces. leveraging globally, enabling and access growth We strategic multiple hard-to-reach magnifying affiliates

facilitated our focus. engage can We geographic AMG’s of Japan, strategically affiliates’ in Australia, success. extending wins across initiatives the and have to a Middle range improve East, long-term abilities their reach client historical growth recently affiliates’ own Korea, beyond materially

proven In to strategic our prospective to an new independent important differentiates existing partner. create firms addition, a AMG together consideration is and with as affiliates our seek affiliates excellent ability increasingly value

activity, As towards further business our we areas in evolving strategies. secular of well firms continue composition to with highest to partner investment new of the positioned in cultivate our we attractive the independent quality to increase opportunities demand growth, are

the growth the have years long investments role the traditional played exposures a alternatives. to only business, reshaping our critical contribution have AMGs last from broadly, More evolution few from predominantly made substantial in accelerating we of a over already strategic profile

we strategies, reflect as alternatives. months, expect earnings composition growth our In the and last earnings to including our our liquid half markets And the private both on private from alternatives, an to were XX liquid generated of greater markets continue alternative of alternatives. we execute approximately strategy, even by and contribution

are equity the evolution we’ve the well performing obfuscate of firms, momentum in focus environment our outflows Further, improve. our the actions we given growth high AMGs earnings as in the and macro the growth, areas producing towards results, independent the five underlying taken by years. share The secular our strategic alternatives on-going shift and expect current alternatives. and evidenced last composition, And, per organic specifically flows significant our in few to long-term over on active profile our meaningful in business, earnings growth years past over and

our our announced track of significant and financial the variable flexibility given further enhanced affiliates, our and week. to are pipeline flexibility. in last we And record, well business evolve forward, new growth financial transaction Looking by proceeds continue be existing the to investments will positioned through

more AMG decade, a its independent double variable and under than and all as That’s firm. For assets more variable enjoy an partnership. a management productive prosperous than

both approach, all the opportunity However, itself, recognize variable given presented AMG the the partners our of supported with when stakeholders. And and combination collaborative PASTO. the strategic outcome full successful alignment benefits and a for AMG

to the areas, alternatives thirds Consistent with considerable approximately we while that invested to from investments, X in benefit with shareholders, the our more returning thereafter will of than Since capital returning for XXXX, and more than growth prioritizing allocation two deploy in disciplined excess we’ve capital. capital accounting our billion proceeds any shareholders. X.X excess total, transaction growth framework, billion also

have steadily building, growth and of a for capabilities. invest to opportunities our abroad including result ahead, been as Looking

value are Given advantages ability incremental our set, excellent position in to time. enhanced opportunity our generate we confident unique our our capital competitive over and

to And the I’ll it turn details review with that, quarter. Tom over to of the

Thank everyone. you, Jay. morning good And

in level quarter high our attractive evolve increasingly to of Our the business. AMG of execute opportunity second reflects growth activity our for the and the composition strategy

sheet. announced and capital simultaneously sheet and capital shares, strong remaining add In shareholders accelerated the past strengthened announced growth, Forbion significant repurchase completed days, flexibility. in a sold repurchase will During we growth Enhance our program our to returned for and invested state share additional the investment Future balance to the and transaction, the balance EQT our XX which quarter, we to veritable

together, to composition AMG. the will of have and Taken we continue reshape

share return growth activity We expect and and toward growth business our our going of drive elevated secular per we strategic that areas remain creation. as our forward to to levels excess mix will shareholders evolve earnings value further long-term capital

to our in net second well growth fee in strategy alternative of to strategies. on-going invest $XXX Turning secular adjusted areas, million earnings, $XX as of quarter performance reflected strong included and our execution the EBITDA as results, performance million liquid of

share grew earnings benefited share cash certain which global as alternatives. billion, tax as year-over-year, XX% driven continued quantitative foreign were client Economic discrete equities, incremental benefits. offset of by strength per Net excluding well $X repurchases in outflows and primarily $X.XX strategies from

nearly performance and strong quantitative billion results, X with flows across at the nearly again in reflect excluding market Turning inflows business, to reported EIG alternatives, private our quarter. net In in These billion strategies. certain second and Comvest. inflows X Pantheon we and

investment affiliates excellent real performance, across infrastructure fundraising and driving estate, are momentum. generate outstanding their credit, long-term secondaries continue track records and to Our

oriented range have trends streams differentiated performance outstanding their for portfolios. affiliates wide to to a positioned products clients While that lockup by net flows continued to essentially billion return strong flat, fees strategies across forward see our demand offset strategies and benefit and in return demand quarter. to in and with uncorrelated X from liquid beta absolute our look alternatives are sensitive of the diversity generated as add performance were were that expirations inflows on Overall, alternatives

And headwinds billion. continued. term track we billion position net time. recapture multiple Industry equities in client while records and near them long-term mixed, cycles, equities approximately strong remains performance of approximately global global over net equities X U.S. we saw to in saw overall across our outflows And In demand X affiliates outflows.

in of affiliates. investment that client we pockets excellent performance several demand long-term collective seeing remains Our And category. this strength are

strategies saw Finally, on-going fixed flat in were for and and income demand multi asset and flows at in the quarter fixed income, GW&K we Artemis.

blend, to as we up including This describe from $XX Tuesday, based between to in be AUM of a which X% Forbion. up not third levels quarter net on impact veritable and I’ll transactions those And earnings billion million. million expect moving includes moment. guidance, from more quarter earnings and of does of current Adjusted of quarter-to-date third market to $XXX any performance our include fee partial Now quarter $XXX EBITDA reflecting and a each was

modelling specific items. to Turning

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

of third levels these remain to for all expect metrics the at quarter. similar We

Other included XX%, realized million, Our and tax we them foreign $X benefits, for the quarter. quarter and discreet effective X to of the XX% for respectively, million be and approximately gains. economic XX% expect were GAAP reflecting rates economic and XX% items which negative third cash tax were

As per X quarter, gains X I realized to mentioned to million economic last quarter. be we expect million

Our the second share average XX.X weighted quarter million. for was count adjusted

We million million. the earnings to call our XX year a average to performance guided $XXX in be we fee share million expect our adjusted approximately February, end of for count quarter. $XXX to range third weighted shares On

return source to lower Many absolute half in investment excellent strength performance Given our continue a AMG. strategy strong year end range. fee in to be deliver performance expect the closer to and of and strategies remains this of performance year fee more demand and full earnings of guidance performance the now generative stream of we muted earnings see that first the for diversification investment

capital sheet the and Finally, allocation. balance turning to

This purchases value. month, excellent balance strength of completed has of of million in significantly position gross is as of total the the source transaction. Our we sale we generating sheet shareholder growth and position, That a investments, proceeds debt. closing remains sharing to net look EQT to our capital the reducing an and our contributed $XXX since generate

As exposure to Jay our announced in Forbion, quarter, area strategy our attractive secular in in private life growth line with we increase markets sciences. discussed the new the partnership of including to a with areas,

We the transaction fund to half with in to second plan the expect the close the of cash. purchase Formian price year and

addition, week pre-tax later XXXX, $XXX approximately announced the after-tax $XXX we in EBITDA contributed transactional the will of of In veritable third approximately the or an quarter. transaction in proceeds last $XX close basis. million million anticipate and Veritable million on generate

X% incremental to approximately earnings Taken fully from X% these deployed. per once to share the together, we generate of expect are proceeds transactions Veritable two

of million, We deployed shares repurchase capital in the and towards XX the the in repurchases share the also recurring the $XXX liquidity additional our than the the million million first quarter, ASR. $XXX combination purchases and more cash XXXX. year-end, flows, worth now million announced of we given $XXX of bringing total anticipate to And, execution position an at of of we sharing of accelerated half completed strong repurchased fully inclusive

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

XXXX. capital flexibility, growth have in that the can XXX half over we our currently approximately liquidity Given deploy million and significant toward second we investments of capital

repurchased Forbion of for guidance funding elevated the and the year. the to Incremental I share provided

to investing our intentional. in innovating flow of us. to growth and new a affiliates approach the in is in capabilities. set AMG generate and investments available our diverse of Across existing affiliates, substantial Our alongside investing We is growth cash business opportunities

value given we positioned Looking execute over growth our advantages, to on shareholder competitive and distinct allocation and strategy ahead, framework capital remain generate our well disciplined time.

we’re take your to questions. Now happy

Thank you. [Operator Instructions] Thank you.

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

Yes, good actually morning everyone. [Ph] Dan. on This is Rick Roy for

areas of mentioned you on, and liquid office And investments, affiliate on topic interest. of so private earlier the potential market

given Just wealth term recent of in interest services as see, an tax you any in priority and or nature. trust the custody Do the bail management of on that perhaps immediate occur to things also veritable that and quarter.

question, Rick. thanks your Well, for

these the in think wealth those our go strategy see continues be areas. right That on sponsored specifically area to up the sustainability the is given become that state the and wealth an firms variable also strategies really trend. and have business to question maybe and just Let driven on industry, to putting trends just our want remain directly we are areas. can private secular other of strategy got that me independent. areas investing address the We secular channel become do transaction. wealth up PE the do generally in first the business. Asia maybe question, they’re your you by we RAA that to the growth invest focus. model, where then of pricing roll strategies is where to and smaller, wealth the has alternatives, of in the And within And markets, in two ways capture in while context And universe and proceeds out partners Liquid approach costs potential one of we consolidation And dominant taking growth. are and management that’s has I’ll leverage wealth see at

a However, our for firms independent. currently more that partner them And number remaining we of in value there are owned pipeline. opportunities have see and

we that wealth AMG by affiliates the our access way to investing to is in in and second especially private markets. the channel growth expand primary channel, opportunities liquid experience through The both Capital alternatives,

of trend. to of in liquid where been area for a We us. AMG see channel a necessary strategically in in bringing opportunities It’s and the affiliate just private introduction and alternatives markets markets infrastructure democratization numerous alternatives. be the to to has growing demand U.S. Of areas non-US for markets the other the supporting wealth, The secular market our continues private strategies and of not that private grow. within but markets, largest growth the major alternatives, successful

play and both as liquid to markets allocations individuals continue We this see increase private alternatives. to out

enabled further and packaging. think We regulation technology that’s going be to by product

us. So long-term strategy to to mentioned, It’s your to have again, continue in as be is I just coming focus question, opportunities multi-faceted, we to going and wealth try back capture major space. do a a for the to

question. the for you Thank

Thank you.

question comes Blostein next Alex Sachs. in with your line with Goldman Our proceed of Please question.

a the Thanks, guys. of Good bit morning. I was sort hoping we on more could little pivot. spend time

you traditional You’ve been the also part couple you the see Do reduce that Any anticipate quarters of the opportunities or pruning areas, traditional last towards stakes of either whole as faster growth sell of old. articulating involving guys a business. to businesses? Thanks. the over particularly

Alex. the really talks thanks, and Yes, Tom. I’ll our business. a to And it really It’s shape start good question, of

to of Today that the add. under just of you is business I been changing. haven’t our half and to our So alternatives, we, then asset. take half differentiated both liquid is and remainder markets minute approximately, from the is like It right shape a elaborate coming and is EBITDA multi a equities if XX% and Tom, is might round XX% alternatives, something true private

it’s investments It’s even We of definitely there’s on diversifying ago. exciting slide it’s years prepared three an this venture, and on very life sciences, years think is in you in, in sciences changing. alternative worth did also us. in area, just my probably new our investment release that, our first life focused just and ago, five Forbion with in saw remarks. for from IR to the so Very that’s and that seventh noting in as comparing affiliates. investment in coming business I our and Most Forbion and

our growth keeping helped We channel. the investments grow ago So wealth we have like distribution investments in Pantheon made in our through a business are in in made Also, few second investments in years systematic. that existing investment, new affiliates, areas. a we in affiliates investment

it think done a affiliates be capital, directly existing So, but to as sometimes new in capabilities can affiliates oftentimes grow. think in easiest to about investment, it when help it’s you about or

really So being I in are your it question our by in and seeing, I remarks, off-skated think alternatives. I of what To think variable flows driven said momentum by the the you’re prepared it’s underlying my on, transaction. sort

with we the over to firms And strategy so And maybe existing of aligned enable capabilities to, help independent that talk and our about, those respect affiliates, on model generally which advantage, we’ve to remain our maintain is a developed their business with based independence long-term. competitive then a clients. is affiliates range

partner they the we chooses have a and independence from they’re that when to AMG, So capabilities offer. choosing benefit

So there’s or resources. do and approach. other by our the by to independent intention is a us initial of strategic It even cornerstone partnership really at access remain feature investment no than them anything our

So what independent, we remain partnership. us. expect to affiliates the of the vast they at the majority of time chose remain our with That’s

any to help here. the So different intention do to really firms not no change than strategy anything and continue There’s over long-term. there’s other independent

But such is sometimes structure. and that all longer independence circumstances the evolve and change, partnerships businesses no optimal

So with affiliates we in our are options clients stakeholders, case, of collaborate that own partners all our and shareholders. in business interest the in to model, consider given that best including with the strategic our do alignment and

an And remain them. to independent we may consolidation to recognize and this strategy because possible, this but independent and result supported exceptions, And But, committed strategically then benefits in alignment ownership change support those firms, a outcome. we exception. successful help collaborative unlikely. the do our like while approach, we strategic our transaction, veritable compelling We, And committed we veritable. That other remain the some of one of it’s in it’s case. is transaction, a in the rare transaction in like some strategic and I cases, was consolidation think of

pointing up to that I we’ll ways. between to through points. growth capabilities, largely those growth businesses headwinds. growth to more really three that in Jay three, it Jay respect natural of through two, I’ll and new and areas grow with And do couple very think covered facing continuing AMG the walked maybe and secular be there’s that going businesses as are well of just growth follow through of and difference investments, around With organic One organic categories, a product those the distribution, more some toward kind a bucket,

part So a we’re different business that shift in mix number our of ways. attacking of opportunity strategy really as

covered importantly, There’s proactive part I think very our high very move of and again, Jay from away this. of active much oriented strategy no affiliates. our equity existing to quality

in that’s a we’re many ways, those quality how working quite from wrappers focused with many And fact, unique high taking new can in time, be affiliates with of these These long-term to adjacent businesses are whether investment right strong the over of strategies, very capabilities. the track market. capabilities perspective whether with delivered records and opposite. on investment In strategy very clients new trends advantage that’s better in

these of story. strong the part lot their have that continue clients businesses AMG ultimately, cash our over are an important of and continue important for a to be delivering to we’re very that But ensure They returns are overall businesses them working of with time. delivered part flow. And to great

Thank you.

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

get taking seeing over for Cal last on evolved It in now you’re you execute [Ph] actually M&A how And to the helpful be that are question. months. Maggie has Thank sellers This an if Thank like the for term. signs just filling is six Craig. over motivated more you. update any to your Hi, pipeline morning. good the near would

for Maggie. question, thanks Yes, your

saying, unlike steady I So management and general within the maybe opportunities of asset across asset a seeing kind M&A I’ll by think flow of all environment we’re of for transactions. management, start

even answer down dynamic environment the continue see our to asset a really we’re like of steady have asset of management that larger industries. see to why independent own quite the continuing quality flow high partner So, and an group really of and firms I’d a possibly own to hasn’t we firms really say in to obvious slowed I down. where partner firms in has management M&A slowed kind rest quite our It’s general has pipeline.

going There’s in a on it. lot

that’s see of that’s why kind so a And think to constructive. continue we’ve I backdrop

And down. constructive the Valuations of areas that private risk for we’re expectations buyer So and share seller. come between structures lot because seeing have including us better it’s a moderated too, have in in markets.

see -- more incremental AMG that hasn’t we the market’s of or move kind different, done haven’t an We So, anything but as direction. tailwind.

want and want growth on markets. taken human has time these sustainable would increasing the over wealth relationships I us. we’ve is actions is what last the our the We is of for we us. one the the this over some another think We years. be pipeline expanded focus primarily really maintain We’ve theme areas product land that last to generated And on globe, really that would earlier, for alternatives our over universe few the our really and here areas resources, alternatives, But areas grown to focusing for targeting big of liquid private I Asia those pipeline both been secular originate across universe. first which resources investing, mentioned significant in methodically years, several to

pipeline last is we’ve years formation we, we succession think growth at most and the capital that the to broadened face. firms partnership the to pipeline sort five questions of they independent probability that’s the The product And other the AMG capital them solutions that help insights these capabilities, that happened planning, the that over support, thing development, development the I strategically. to offer that business I of important think includes increased that’s we’ve,

we years we’ve successfully. really done recently. the being feel remarks. just about we this four with and pretty growth, mentioned really which in And feel so even announced this several and advanced good pipeline to We would last quarter offering Forbion more I originating of types And have my then that I prepared strategically. about conversations good able over to combination businesses think businesses We targeting our in of those partner like the we as invest

main our differentiator our record the keep well we’re the them partnerships firms So is fact makes the to partner And pipeline. other with good strategically market constructive think we able And engage to affiliates parties. year relative successful track our independent record all our unique. a about we as in are of third do that or both being success us of current as track and magnifying

So we our the I strong opportunities have invest think see partnership for to pipeline financial approaches is and and continue a flexibility of do so. to resonating lot growth to we

thanks So for your question.

Thank you.

Our your next question comes from line Research. with of Patrick Please Davitt with proceed Autonomous question.

Hi, is question. the good last morning This what everyone.

obviously you’ve more smaller pipeline norm. recently. deals in So pipeline there transactions larger, or a you’ve expect we smaller that a and it pipeline the a mentioned more that to should pipeline announced strong impactful couple ones growing these be Is is of

a support is of if on you vein there you. that limit smaller you number on a can Thank in lot keep the And layering these affiliates of ones.

Patrick. Yes, your for question. Thanks, thanks. Thanks

the they XXX. good, of actually I short small diverse could pipeline probably side, from the our capital in partnerships and large types. main, and we both of up to high In have medium a million maybe target be zone for XXX low guess, range answer the it on That’s transaction side is outlay. So terms the on

XX, we’re XX some The other thing in would that cases over investing to XX. up I only is just other cases, say, XX% maybe in

So to for sense give that’s only firms. a the half these of just enterprise you of value

framework. the about think helps of kind it So

been look approach. four have our over in at deployment disciplined years, our the last, we you when And really

intentional and in our approach. been I we’ve think, also so And

investing larger we that magnify means knitting a to success. of not and So can’t growth our we really with is it doing do are evolve those of that transaction, this transactions. a can we engage so bar that. high sticking with the doesn’t think businesses deliberately trying their growth in mean very those make and businesses strategically that to strategically large in outsize approach really phase just and areas to AMG are And for those we It

be we’re also We looking that the So, looking for such more as a growth can that our think why that a target million, hopefully we’re could million. that year size on do. of that us in or to in of into think really $XXX you that and $XXX universe for little that’s it. thing be, looking period us put million, a to a investable investments of for what for doable capital we and time the $XXX could us color over the, is by in the gives And any really for long three depending periods majority do two out sense we that is a

you that mean, most significant And generated is size front based turned in when see you. our those example gave have probably be We out the of Tom the smaller returns see of aware us some million and because significant. you that in, of bearing that as, as transactions some numbers firms phase, breakout growth. investments can is are the in like in And one veritable I is, remember an right on returns actually Asia, they were that $XXX really all and million of can growth to to $XXX that

be data, analyze us. over tends sweet own to for And so, we own a we history spot I our when that think, our

same to remained areas But these have XXXX more, of deployment, $X.X growth. would excess sort looking going that returned secular of have since invested we’ve period, of we during disciplined. this back billion capital back, could about capital. billion more if because invested in we’ve I $X And we than we’ve guess

So we do discipline. have

be If you’re to larger mentioned. a bars see I likely us very deals. some business we transaction. growth. we the case. where think just likely size that’s we Doesn’t are do continue will going in the high, that We mean And like at I range it that think do focused I a to and version on diverse of won’t look

So hopefully question addresses your I here. think that

of the, goal But, the long last build a I independent periods the for of universe make to time, really diverse is would own but partner over maybe us point is firms. a

shareholders be tend our think about main, So profile, And businesses. that, we get something in in special to that there’s specialized to the participate they in those because businesses.

And sense. makes focus for that’s why the the why that’s makes us size sense. growth of So

you. Thank

next Our KBW. with question. comes Brown Michael your with in proceed Please line of question

a you. be wanted used. Good morning. Thank Great. begin those the and veritable to on proceeds I little how bit will

through to what kind that sure, consider it’s, that the of X% it, What some, guess levers actually includes the it’s you’re, are just also play there should some guidance. us some in, accretion delivering. on walk You then could of of, variables how include when five laid to but acts, level And I accretion thoughts that there I’m the various in Does behind for you’re we we XXXX? through your out? considering going that a timing your you about X% think are assume

Yes.

thanks, good take one. to have I’m morning going So Mike, that to you. Tom

morning think Mike good overall you into the really our The plugging and we think reality all whether capital Yes, question. bearing strategy. veritable that proceeds, of proceeds is about about or your the capital thanks for allocation

each specifically over entirety it’s how of that less dollars to about use of it’s be time. about I we drive the And shareholder quantum ultimately So more those and the of have value of going are think where capital spent. to that quantum we capital

We’ve the XXXX veritable when that’s we today position transaction. some million. you going know, have XXX our least As used partnership enhanced We liquidity proceeds announced further Forbion there. and a so receive for buyback the to recently we from capital we the at very be strong guidance to increased

remarks in tremendous opportunity questions, the well to those we’re there. And opportunity talked That’s of on again, both of amount areas. of invest front as seeing answer increase across affiliates as to for the us that front growth. well another new Jay lot as investment a of in his and both as both in in about a we So as capital allocation see prepared several existing

We liquidity. and make in that also our in want maintain we flexibility our to significant sure capital

time Given markets to a always volatile be front and in in the more to and to capitalize in that on great we’re we play where opportunities of position able a offense and us. want people we’re

use prepared. our capital really make to calendar terms a going to It’s how year. be capital push or all going goal in is to In single here, that sure never of out quarter the that from we’re the of we door

we’re [Ph] XX of are. of do that some think down carry the have February positive committed where uses, now In treasuries and both to a our and I actually paying our maturation wake or trade in some that’s us $XXX given so, veritable debt, we bearing to the as for terms against million and $XXX probably of holding to rates maturities right transactions million

least our over time. over my over said I course dollar great think several also share I And growth have and repurchases another in investments mentioned incremental power. finding that’s of very years, next we for today, with be and over to earnings And to as course we’ve also going toward prepared we to up into additional at we per if term, earnings of growth can disciplined four beyond remarks continue that the we’re really contemplated share opportunity contemplated above proven cash repurchases repayment that quarters medium than and capital capital. out the don’t return should debt the last of growth we through drive can the of and $XXX and a more that we’ve deploy the translate million end us

over to your as capital a growth acquired combination just from the X% earnings about of to incremental of and of to So as ultimate talked paydown. to veritable really repurchases we to question, across debt specifics about adding of combination investments, transaction a combination be with Forbion the back the X% together, respect the share go actual the time. veritable That’ll again, allocation partnership and EBITDA Forbion well the of

good was way business. really well of in the maybe is here to the out business and see to, just you our wanted back take really by say I a profile just summary it positioned as today just I that can wanted Tom.

across really significant have earnings. diversity any good our have to contributor don’t We affiliates. We

broad a set of have We base affiliates.

Our profile growth areas. leaning in liquid is really and both towards private into leaning markets and alternatives,

least investment new and and in Again, We’ve this it the recent cap of Forbion financial seventh all very methodical not to to sheet then we’ve recent our alternative and is investments. history. really transaction And we Our been pipeline. in at off, strength investment, terms flexibility balance that better, an consistent our continues. continue pipeline in probably opportunities not making in made been most good see

excited AMG very today. about the we’re So of positioning

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

morning speaking us we to joining this next and all Well, thank forward you quarter. for look you with

concludes This call. Thank today’s you. conference

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