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Affiliated Managers Group Inc (AMG) filed its Q1 2016 10-Q quarterly report on May 10, 2016 for the quarter ended Mar 31, 2016.

Affiliated Managers Group Inc Q1 2016 10-Q analysis

AI summary of MD&A and risk factor updates

Revenue $545.4M, down 14% YoY from $635.0M
EBITDA margin 39.5% vs 34.8% YoY, calculated from EBITDA and revenue
Best channel: High Net Worth revenue $67.7M, up 6%; worst: Mutual Fund revenue $250.4M, down 21%
Operating cash flow $26.1M vs $119.1M; Affiliate investments drove $550.9M investing outflow
Cash $297.6M vs $563.8M; management expects operating cash flow and revolver borrowings to fund foreseeable needs

Newly disclosed consolidation risk: ASU 2015-02 reclassified certain Affiliates and investment entities as VIEs
Most material investment risk: $547.6 million Systematica and Baring acquisitions valued using provisional market-performance, client-flow and discount-rate assumptions
Legal risk: Third Avenue faces lawsuits related to liquidation and closure of its Focused Credit Fund
Operational risk: Mutual Fund revenue fell to $250.4 million from $318.3 million year over year
Liquidity risk: Cash declined to $297.6 million while senior bank debt increased to $1,063.4 million

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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