TacticScaleWhat Affiliated Managers Does & How It Makes Money (AMG)
Updated October 2026 · reflects Affiliated Managers's latest reported financials
Holding company owning stakes in independent investment management firms. Its affiliates earn advisory and management fees for running client assets, mostly based on how much money they manage.
How Affiliated Managers makes money
Its affiliates earn advisory and management fees for running client assets, mostly based on how much money they manage. AMG takes its share of those fees through its ownership stakes in the affiliates.
What Affiliated Managers does
Affiliated Managers Group (AMG), formed in 1993 and based in West Palm Beach, Florida, is an investment management company that operates through a group of affiliated investment firms. The affiliates provide advisory and sub-advisory services to mutual funds, which reach retail, high net worth and institutional investors through intermediaries such as independent advisors, retirement plan sponsors, broker-dealers, fund marketplaces and bank trust departments. In the institutional channel, AMG's affiliates offer equity strategies across market sizes in both value and growth styles, along with emerging markets, quantitative, alternative and fixed income products. They manage assets for foundations, endowments, and corporate and municipal pension plans, and also provide customized investment counseling and fiduciary services. Besides its Florida headquarters, AMG has offices in the US, London, Dubai, Sydney, Hong Kong, Tokyo and Zurich.
Products & services
- Mutual fund advisory and sub-advisory services
- Institutional equity strategies (small, mid and large cap value and growth)
- Emerging markets equity products
- Quantitative and alternative investment products
- Fixed income products
- Wealth management and fiduciary services for high net worth clients
What is Affiliated Managers worth?
On an owner-earnings DCF, Affiliated Managers's most-likely value is about $651 versus a recent price near $387 (68% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$409) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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