Affiliated Managers Group Q1 EBITDA $317M, $22B in Quarterly Flows
Q1 adjusted EBITDA was $317M and economic EPS reached $8.23, while net client cash flows hit a record $22B, lifting 12-month flows to $52B. The firm repurchased $186M of shares in Q1, cutting share count 10%, and forecasts Q2 EPS of $7.60–$8.01 with EBITDA of $290M–$305M.
1. Q1 Financial Results
Adjusted EBITDA in the first quarter was approximately $317 million and economic EPS reached $8.23, marking year-over-year increases of 39% and 58% respectively. These results reflect robust fee-generating performance across the firm's diversified management strategies.
2. Fund Flows and Asset Trends
The firm recorded net client cash flows of over $22 billion in Q1, bringing 12-month inflows to $52 billion, while also experiencing approximately $9 billion in equity outflows. Private credit assets remain modest at roughly 3% of total AUM, and alternative strategy verticals contributed significant organic growth.
3. Capital Allocation and Guidance
Share repurchases totaled about $186 million in the quarter, part of over $700 million returned in the past 12 months that reduced shares outstanding by 10%. Management forecast second-quarter economic EPS of $7.60–$8.01 and adjusted EBITDA of $290 million–$305 million as seasonally lower net performance fees are anticipated.