Affiliated Managers Group, Inc. (AMG) Goldman Sachs 2025 U.S. Financial Services Conference December 9, 2025 4:20 PM EST
Company Participants
Jay Horgen – CEO & Director
Conference Call Participants
Alexander Blostein – Goldman Sachs Group, Inc., Research Division
Presentation
Alexander Blostein
Goldman Sachs Group, Inc., Research Division
All right. I think we’re going to get started with our next session. Good afternoon, everybody. Thank you for joining us. It is my pleasure to introduce Jay Horgen, President and CEO of AMG.
Over the course of 2025, AMG continued to successfully pivot the business toward alternative capabilities, which now comprise over 50% of the company’s EBITDA. Importantly, AMG has seen significant acceleration in organic growth with flows approaching the highest level in over a decade. I actually had to go pretty far back in my model to see the last time you guys were putting up the type of organic growth that you are, which has been great.
Look, lots to talk about, lots of momentum in the business clearly into 2026. So thank you for spending time with us. Great to see you here again.
Jay Horgen
CEO & Director
Thank you. Yes, really appreciate the spot, and I always like the Goldman conference. I’m an alumni. So alumnus. So I’m really happy to be back. Thank you.
Question-and-Answer Session
Alexander Blostein
Goldman Sachs Group, Inc., Research Division
There we go. No, happy to have you. All right. So why don’t we start with a question just around the business evolution. As I mentioned, over the last several years, a pretty meaningful pivot. The alternatives businesses now comprise over half of your run rate EBITDA. You obviously talked about alts comprising as much as 2/3 of the business over the next several years. What’s the road map of getting there? How much of that do you think is organic versus incremental
