Affiliated Managers Group, Inc. (NYSE:AMG) Q3 2024 Earnings Conference Call November 4, 2024 8:30 AM ET
Company Participants
Patricia Figueroa - Head of IR
Jay Horgen - President and CEO
Thomas Wojcik - COO
Dava Ritchea - CFO
Conference Call Participants
Bill Katz - TD Cowen
Alex Blostein - Goldman Sachs
Dan Fannon - Jefferies
Brian Bedell - Deutsche Bank
Patrick Davitt - Autonomous Research
Operator
Greetings, and welcome to the AMG Third Quarter 2024 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 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. Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG affiliate.
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 encouraged 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 another quarter of strong results with 18% growth in economic earnings per share, reflecting the ongoing momentum in our business and the positive impact of our capital allocation strategy.
Our growth strategy continues to drive the evolution of our business mix towards secular growth areas, with alternative strategies meaningfully and increasingly contributing to AMG's earnings. The ongoing demand for our specialized private market strategies accelerated in the quarter, as evidenced by the $7 billion in new capital raised at Pantheon, Forbion, EIG, Peppertree, and Comvest. In addition, our liquid alternative strategies generated positive flows in the quarter and we see opportunities for organic growth, particularly at AQR as demand for tax-aware alternative solutions in the US wealth channel continues to build.