Affiliated Managers Group, Inc. (NYSE:AMG) Q1 2024 Earnings Call Transcript May 6, 2024 8:30 AM ET
Company Participants
Patricia Figueroa - Head of IR
Jay Horgen - President and CEO
Thomas Wojcik - COO
Conference Call Participants
Craig Siegenthaler - Bank of America
Bill Katz - TD Cowen
Dan Fannon - Jefferies
Brian Bedell - Deutsche Bank
Patrick Davitt - Autonomous Research
Alex Blostein - Goldman Sachs
Operator
Greetings and welcome to the AMG First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce Patricia Figueroa, Head of Invest Relations. Thank you. Please go ahead.
Patricia Figueroa
Good morning, and thank you for joining us today to discuss AMG's results for the first quarter of 2024.
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, 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; Tom Wojcik, Chief Operating Officer; and Dava Ritchea, Chief Financial Officer.
With that, I'll turn the call over to Jay.
Jay Horgen
Thanks, Patricia, and good morning, everyone. AMG delivered strong results in the first quarter of 2024. With $260 million in EBITDA, driven by continued momentum across both our private markets and liquid alternative strategies and together with the positive impact of our disciplined capital allocation, we generated economic earnings per share of $5.37, representing a 28% growth rate year-over-year.
During the quarter, our ongoing collaboration with affiliates resulted in a number of exciting developments, including new product launches and continued strength in private markets fundraising, which position our affiliates for long-term success and accelerate AMG's growing exposure to alternatives, both private markets and liquid alternatives. Our value proposition for independent partner-owned firms continues to resonate with prospective affiliates, given our proven partnership model and our ability to strategically magnify their competitive advantages, while also preserving their independence.