Short answer
Affiliated Managers Group Inc (AMG) filed its fiscal 2017 10-K annual report with the SEC on Feb 23, 2018. It reported revenue of $2.3B (+5.0% year over year) and net income of $690M.
- Top risk flagged: SEC reporting and liquidity-management rules, plus 2017 Department of Labor fiduciary regulations, could increase compliance costs and restrict Affiliate product distribution
FY2017 key financial metrics · XBRL
- Revenue
- $2.3B
- +5.0% YoY
- Net income
- $690M
- +45.8% YoY
- Operating margin
- 48.1%
- +15.9 pp YoY
- EPS (diluted)
- $12.03
- +40.4% YoY
- ROE
- 18.0%
- +5.0 pp YoY
- Operating cash flow
- $1.2B
- +13.9% YoY
Source: XBRL data from the Affiliated Managers Group Inc (AMG) FY2017 10-K on SEC EDGAR. USD.
Affiliated Managers Group Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global asset manager partnering with boutique Affiliates, preserving management ownership and operational autonomy
- $836.3 billion AUM across more than 550 active return-oriented investment products
- Emphasized global distribution, with offices spanning Australia, Europe, Middle East, Switzerland and Asia
- Approximately 4,400 employees as of December 31, 2017, mostly employed by Affiliates
- Strategic focus on succession solutions and additional investments supporting multigenerational Affiliate ownership
Management Discussion & Analysis
- Revenue $2,305.0M, up $110.4M or 5% YoY, driven by asset fees up $129.1M
- Net income $1,008.7M, up from $739.0M, including $194.1M provisional tax-law benefit
- Equity method Affiliates best performance: revenue $3,240.8M, up 54%; income $302.2M, down 8%
- Operating cash flow $1,170.4M; common-stock repurchases increased $359.8M and senior debt repayments reached $260.0M
- Outlook: demand for alternative, global-equity and multi-asset strategies; risks include active-strategy outflows and $93.1M Affiliate impairment
Risk Factors
- SEC reporting and liquidity-management rules, plus 2017 Department of Labor fiduciary regulations, could increase compliance costs and restrict Affiliate product distribution
- UK exit from the European Union: potential disruption to European-passport operations for international Affiliates
- Reliance on third-party brokers, custodians, administrators and technology providers exposes operations to cyberattacks, outages and data breaches
- Growth of passively managed products shifts investor allocations away from Affiliates’ predominantly active return-oriented strategies
- $2.0 billion senior debt and convertible securities, alongside $811.9 million redeemable non-controlling interests, create substantial funding needs
Generated from the filing text; verify against the original. How to read a 10-K
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