The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Bill Katz - TD Cowen - Analyst
: I appreciate the updated commentary. Just trying to triangulate between your commentary around the pipeline in further seasoning and Dava, it
sounds like you're now sort of at $700 million of buyback versus maybe something a bit higher than that.
How do we think about capital deployment from here? There's been a ton of transactions around you and AMG has not been sort of as visible. So
just trying to understand where are we in terms of the pipeline and then maybe capital allocation as we look out to '25?
Question: Alex Blostein - The Goldman Sachs Group, Inc. - Analyst
: I was hoping we could double-click into the performance fee guidance and just kind of maybe flesh out a little bit on what specific absolute return
strategies have struggled this year. Any implication for high watermark as we sort of start to think about 2025?
And the flip side of that, I guess, you talked about private markets contributing more to the bottom line in terms of carry over time. I was wondering
if you could help us frame what that accrued carry balances are in terms of the flow-through to AMG's bottom line?
Question: Dan Fannon - Jefferies & Company Inc. - Analyst
: Just following up on that previous line of questioning. So specifically, what we're -- what has carried interest in 2024, your kind of expectation of
that range or contribution. And obviously, do you think it's going to scale going forward. But curious as to what you expect this year. And then also
just on the liquid strategy, you talked about increased demand.
So ultimately, maybe better flows for some of the AQR Tax Advantage products. So I want to get a little more color on what that type of AUM where
that sits today? Are there performance fees attached to some of these products? Or are there liquid strategies that you are seeing demand that
maybe don't correlate economically the same way to your existing book of business?
Question: Brian Bedell - Deutsche Bank AG - Analyst
: Great. If I can ask about a little bit more detail on the democratization pipeline for new products being launched across your private Affiliates.
Maybe if you could talk about -- maybe how much do you think you can scale that I think you mentioned $5 billion on the wealth platform.
And in terms of potentially like for perpetual products, maybe if you can talk about the idea of raising performance fees from -- or getting performance
fees from perpetual products, maybe to what extent are they contributing now? And then to what extent do you think that can become a very
meaningful part of your performance fee pipeline going forward?
Question: Patrick Davitt - Autonomous Research LLP - Analyst
: Is there any reason that the 4Q flow seasonality and/or annual rebalancing would be different than what we usually see at AMG and in the industry
and in that vein, given market highs and most people's view that alternative realizations are going to pick up, do you think we should be modeling
more of an AUM headwind from alternative distributions from here?
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