Affiliated Managers Group Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bill Katz - Cowen and Company LLC - Analyst : Jay, maybe one for you. I think the theme coming out of today's call is just the franchise momentum both from a de novo perspective as well as incrementally through inorganic. A: maybe I was wondering if you could just maybe delve a little bit more into BBH, how that sort of arose? Did they seek you out. And then just as you look at the pipeline looking ahead, how should we be thinking about activity level into next year after a really strong 2025? Thank you.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Thank you for the question as well. So lots of enthusiasm from you guys in 2026. It feels like it's a little bit earlier than typical to give guidance in '26, but I was wondering if you kind of could help contextualize what that could mean for next year given a number of moving pieces, including you alluded to expansion in the margins at AQR and Pantheon, that sounds like it's an important part of the story here as well. So any way you can help us frame what sort of the growth expectations you might have so far into 2026 would be helpful.

Question: Ritwik Roy - Jefferies - Analyst : This is Rick Roy on for Dan. So you reported another quarter of accelerating liquid alt flows, and it sounds like momentum in the tax-aware AQR strategies continues to be a big contributor towards that. So maybe on that, I was hoping you could add a little bit more color on the full diversity of flows coming from the AQR broader franchise, and maybe perhaps also describing the performance fee potential of the broader set of AQR strategies that are gathering inflows? And then maybe separately, if you could note any notable private markets fundraises to be aware of in the near term and into 2026, that would be helpful. Thank you.