Affiliated Managers Group (AMG) is a holding company that takes equity stakes in independent, partner-owned boutique investment firms, which it calls "Affiliates." AMG does not manage money directly — instead, it partners with these firms, provides capital and strategic resources, and receives a contractual share of their revenue or earnings. AMG's Affiliates collectively manage approximately $813B in AUM across liquid alternatives, differentiated long-only strategies, and private markets. AMG's two largest affiliates are AQR, a liquid alternatives manager, and Pantheon, a private markets specialist; together they represent over 30% of AUM and over 30% of adjusted EBITDA. AMG earns money primarily through revenue-share arrangements, where it receives a fixed percentage of an Affiliate's gross revenue without bearing operating costs. Earnings grow through rising AUM (via net inflows and market appreciation), higher fee rates as the mix shifts toward alternatives, performance fees, new affiliate additions, and share repurchases. AMG's growth strategy centers on adding new affiliate partnerships in alternatives, investing in existing affiliates to support new product launches, and building out a U.S. wealth distribution platform that develops and distributes alternative products for Affiliates in the high-net-worth channel. This platform had approximately $8B in AUM at year-end 2025. Alternatives now contribute roughly 60% of EBITDA, up from one-third six years ago, and AMG targets roughly two-thirds of EBITDA from alternatives over the next several years.