Affiliated Managers Group Inc. (NYSE:AMG) Q1 2023 Results Conference Call May 1, 2023 8:30 AM ET
Company Participants
Patricia Figueroa - IR
Jay Horgen - CEO
Tom Wojcik - CFO
Conference Call Participants
Bill Katz - Credit Suisse
Daniel Fannon - Jefferies
Craig Siegenthaler - Bank of America
Alex Blostein - Goldman Sachs
Brian Bedell - Deutsche Bank
Patrick Davitt - Autonomous Research
Operator
Greetings, and welcome to the AMG First 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. Thank you. You may begin.
Patricia Figueroa
Good morning, and thank you for joining us today to discuss AMG's results for the first quarter of 2023.
Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements, which could differ from our actual results materially, and AMG assumes no obligation to update these statements. A replay of today's call will be available on the Investor Relations section of our website, along with a copy of our earnings release and a reconciliation of any non-GAAP financial measures, including any earnings guidance announced on this call. In addition, we posted an updated investor presentation to our website this morning, and encourage investors to consult our site regularly for updated information.
With us today to discuss the company's results for the quarter are Jay Horgen, President and Chief Executive Officer; and Tom Wojcik, chief Financial Officer.
With that, I'll turn the call over to Jay.
Jay Horgen
Thanks, Patricia, and good morning, everyone. AMG delivered solid results to start 2023, reporting economic earnings per share of $4.18 in the first quarter, driven by excellent Affiliate investment performance and the positive impact of our capital allocation strategy.
During the quarter, we advanced several attractive new investment opportunities, we invested in our distribution resources and product development capabilities, and we enhanced our liquidity position to capitalize on the forward opportunity set. Also during the quarter, we continued to see the impact of the changing market environment as evidenced by the disruption in the banking sector and the historic volatility in treasury rates.
High-quality alpha-oriented managers across both alternative and active equity strategies have distinguished themselves in this environment as elevated volatility, asset dispersion and macroeconomic uncertainty have created opportunities to generate differentiated returns.