Short answer
Affiliated Managers Group Inc (AMG) filed its fiscal 2018 10-K annual report with the SEC on Feb 22, 2019. It reported revenue of $2.4B (+3.2% year over year) and net income of $244M.
- Top risk flagged: SEC Regulation Best Interest and MiFID II: potential product-distribution constraints and higher research costs
FY2018 key financial metrics · XBRL
- Revenue
- $2.4B
- +3.2% YoY
- Net income
- $244M
- −64.7% YoY
- EPS (diluted)
- $4.52
- −62.4% YoY
- ROE
- 7.0%
- −11.0 pp YoY
- Operating cash flow
- $1.1B
- −2.5% YoY
Source: XBRL data from the Affiliated Managers Group Inc (AMG) FY2018 10-K on SEC EDGAR. USD.
Affiliated Managers Group Inc FY2018 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
- $736.0 billion AUM across more than 500 active, return-oriented investment products
- Expanded global reach: Affiliates serving investors in more than 50 countries
- Succession planning positioned as a core acquisition advantage, including subsidiary divestitures, secondary sales and special situations
- Approximately 4,450 employees, primarily employed full-time by Affiliates
Management Discussion & Analysis
- Consolidated revenue $2,378.4M, up $73.4M or 3% YoY
- Net income $243.6M, down 65%; Adjusted EBITDA $961.8M, down 14%
- Worst segment: equity-method Affiliates, revenue $3,064.0M, down 5%; earnings $370.6M, down 26%
- Operating cash flow $1,140.6M; common-stock repurchases increased $112.6M; Affiliate equity repurchases $120.0M
- Outlook: cash flows and revolver expected to fund needs; risks include market declines, client outflows and performance-fee volatility
Risk Factors
- SEC Regulation Best Interest and MiFID II: potential product-distribution constraints and higher research costs
- UK Brexit: possible loss of European passporting, requiring separate EU authorizations
- Passive products: investor migration from active strategies, pressuring fees and client assets
- Affiliate autonomy: operational or compliance failures beyond AMG’s direct management control
- Senior debt and convertible securities $2.0B, alongside redeemable affiliate interests $833.7M
- Key affiliate principals: departures could disproportionately reduce revenue
Generated from the filing text; verify against the original. How to read a 10-K
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