Affiliated Managers Group Inc (NYSE:AMG) Q3 2023 Earnings Conference Call November 3, 2023 8:30 AM ET

Company Participants

Patricia Figueroa - IR

Jay Horgen - CEO

Thomas Wojcik - CFO

Conference Call Participants

Dan Fannon - Jefferies.

Alex Blostein - Goldman Sachs.

Craig Siegenthaler - Bank of America.

Brian Bedell - Deutsche Bank

Operator

Greetings, and welcome to the AMG Third Quarter 2023 Earnings Call. [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 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 the reconciliation of any non-GAAP financial measures, including any earnings guidance announced on this call. In addition, this morning, we posted an updated investor presentation to our website 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 Moji, Chief Financial Officer.

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

Jay Horgen

Thanks, Patricia, and good morning, everyone. AMG's strong third quarter and year-to-date results reflect the positive impact of our capital allocation strategy across both growth investments and share repurchases. During the quarter, the changing market environment continued to challenge investors as the collective impact of higher rates, persistent inflation and increasing geopolitical risks pressured clients' ability to achieve their investment objectives.

High-quality independent managers have distinguished themselves in volatile times. As uncertainty and asset dispersion create opportunities to generate differentiated returns in both liquid and private markets, and we believe this dynamic is playing out again. Differentiated return streams are critical

for clients to achieve their long-term objectives. -- independent partner-owned firms have fundamental competitive advantages in generating those differentiated returns, especially during periods of heightened uncertainty.

with specialized expertise, entrepreneurial cultures and alignment with our clients, our affiliates are Among the highest quality independent firms globally. And for our shareholders, AMG offers a unique opportunity to access the long-term growth and profitability of this diverse set of high-quality independent managers through a proven partnership approach.