Affiliated Managers Group, Inc. (NYSE:AMG) Q4 2022 Earnings Conference Call February 6, 2023 8:30 AM ET

Company Participants

Patricia Figueroa - Head of Investor Relations

Jay Horgen - President and Chief Executive Officer

Tom Wojcik - Chief Financial Officer

Conference Call Participants

Alex Blostein - Goldman Sachs

Craig Siegenthaler - Bank of America

Bill Katz - Credit Suisse

Dan Fannon - Jefferies

Brian Bedell - Deutsche Bank

Operator

Greetings, and welcome to the AMG Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow this 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. 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 fourth quarter and full year 2022.

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 achieved outstanding results in 2022, delivering 10% growth in economic earnings per share over the past year, and 50% growth over two years. Notably, we generated these results across dramatically different market environments.

In 2021, world markets rose significantly against the backdrop of low rates and easy monetary policies, while in 2022 global tightening and geopolitical risks drove double-digit declines across both equities and fixed income. Over that period, AMG delivered record earnings per share, driven by excellent performance from our affiliates, new investments in secular growth areas, and share repurchases.

Our industry-leading results in an otherwise challenging environment for asset management highlight the efficacy of our model, the quality of our affiliates and the positive impact of our capital allocation strategy. And, as we will discuss today, we believe AMG is uniquely positioned for success and continued growth going forward.