Affiliated Managers Group, Inc. (NYSE:AMG) Q2 2022 Earnings Conference Call August 1, 2022 8:30 AM ET

Company Participants

Anjali Aggarwal - Head of Investor Relations

Jay Horgen - President and Chief Executive Officer

Tom Wojcik - Chief Financial Officer

Conference Call Participants

Dan Fannon - Jefferies

Craig Siegenthaler - Bank of America

Brian Bedell - Deutsche Bank

Operator

Greetings, and welcome to the AMG Second 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, Ms. Anjali Aggarwal, Head of Investor Relations for AMG. Thank you. You may begin.

Anjali Aggarwal

Good morning and thank you for joining us today to discuss AMG's results for the second quarter and 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 Web site, 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 Web site 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, Anjali, and good morning, everyone. AMG's business proved resilient in the second quarter, delivering economic earnings per share in line with the year-ago quarter despite a significantly more challenging market and industry backdrop. Our results demonstrate the strength and efficacy of our business model. Through disciplined execution, we have evolved our business by increasing our exposures in areas of secular growth and further diversified and enhanced the resiliency of our earnings. Today, AMG is positioned to deliver differentiated business performance in all market environments, including the current one.

The era of globally coordinated monetary policy has been replaced by inflationary pressures, rising rates, and increased geopolitical uncertainty, creating challenging economic conditions. Markets are reflecting these dynamics, and investors reduced risk in their portfolios in the first-half of 2022. During the quarter, changes in client behavior resulted in elevated outflows in our equity strategies, particularly in global equities. However, given the impact of our capital decisions and our affiliates' investment performance, especially in liquid alternatives, our earnings per share grew in the first-half of the year relative to the year-ago period.