Affiliated Managers Group, Inc. (NYSE:AMG) Q3 2022 Earnings Conference Call November 7, 2022 8:30 AM ET

Company Participants

Patricia Figueroa - Head of IR

Jay Horgen - CEO

Thomas Wojcik - CFO

Conference Call Participants

Bill Katz - Credit Suisse

Dan Fannon - Jefferies

Michael Brown - KBW

Craig Siegenthaler - Bank of America Merrill Lynch

Brian Bedell - Deutsche Bank

Patrick Davitt - Autonomous Research

Operator

Greetings, and welcome to the AMG Third 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, 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 third quarter of 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. This has been a remarkable last 12 months. We have seen the combination of higher inflation, rising rates and geopolitical risk drive simultaneous declines in both equities and fixed income, resulting in unprecedented disruption in client portfolios.

At the same time, it has also been a remarkable period for AMG, having delivered 5% year-over-year growth in economic earnings per share in both the third quarter and the year-to-date period as the overall diversity and strong performance of our business together with capital allocated to new investments and share repurchases more than offset the impact of double-digit market declines. And given our strong year-to-date performance, we expect earnings per share to grow approximately 10% in 2022 on top of the 37% earnings growth we delivered in 2021.