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Mar 31, 2021
AMG Q1 2021 Earnings Report
AMG reported EPS of $3.41 and Economic EPS of $4.28, with Adjusted EBITDA growth of 23% year-over-year, driven by Affiliate investment performance and positive momentum across the business.
Key Takeaways
AMG reported a strong first quarter in 2021, with a 23% increase in Adjusted EBITDA and a 35% increase in Economic earnings per share. The company saw positive net client cash flows excluding certain quantitative strategies, driven by strength in private markets, specialty fixed income, wealth management, and ESG strategies. AMG invested in OCP Asia and evolved its U.S. wealth distribution platform.
Adjusted EBITDA increased by 23% year-over-year, driven by Affiliate investment performance.
Economic earnings per share grew by 35% relative to the year-ago quarter.
Net client cash flows were positive excluding certain quantitative strategies.
The company invested in OCP Asia, a leading alternative manager in private markets.
Forward Guidance
AMG is focused on its core competitive advantages and investing for growth across new Affiliates, existing Affiliates, and its value-added central capabilities. The company is well-positioned to capitalize on the growing opportunity set ahead, further enabling it to compound earnings growth and create significant shareholder value over time.
Positive Outlook
- Continued momentum in secular growth areas.
- Strategic focus on new investments.
- Increasing demand for active equities.
- Strong balance sheet.
- Significant cash generation.
Challenges Ahead
- Evolving competitive landscape.
- Changes in the securities or financial markets.
- General economic conditions.
- Pandemics (including COVID-19) and related changes in the global economy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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