Affiliated Managers : 2021 Second Quarter Investor Presentation

Investor Overview

Q2 2021

AMG: Partner to Industry-Leading Independent Investment Firms

25+ year partnership history	35+ independent Affiliates offering	~$900 million EBITDA across
with leading investment specialists	diverse suite of investment products	outstanding return-oriented strategies

Industry-Leading Independent Managers

Attractive partnership model self-selects

entrepreneurial, growing firms and enables access

to specialist capabilities at scale

Multi-Faceted Growth Strategy

Unique combination of growth drivers

provide ability to scale and evolve to meet

client demand trends

High-Quality, Diverse Product Set

Excellent breadth and quality of products

managed by independent firms with superior alpha generating capabilities

Strong Recurring Cash Flow

Significant recurring cash flow available to fund growth investments and return capital to shareholders

Creating long-term value by investing in high-quality independent partner-owned firms,

and allocating resources to areas of highest growth and return

All data as of 6/30/21. EBITDA represents LTM as of 6/30/21.

2 |

Excellent Execution of Long-Term Growth Strategy

AUM ($bn)

$$800800

$$700700

$$600600

$$500500

$$400400

$$300300

$$200200

$$100100

Investments in New Affiliates

Investments in Existing Affiliates

Support existing Affiliates to enhance future growth (e.g., succession planning, strategic capital)

Investments in Value-Added Capabilities

Net Client Cash Flows

Investment Performance

New Affiliate Investments

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

25+ year track record of successful partnerships with independent investment managers recognized as

leaders in their areas of specialty and operating in the fastest-growing segments of the industry

AMG was founded in 1993 and went public in 1997. AUM includes Affiliates currently in AMG's reported AUM.

3 |

Diverse Affiliate Group Positioned Across Areas of High Growth and Secular Demand

EBITDA Contribution by Strategy

Multi-Asset

8%

Alternatives

8%

38%	30%
	22%

		Equities
16%	11%	54%
	13%

Global Equities			Illiquid Alternatives
Emerging Markets Equities			Liquid Alternatives
U.S. Equities			Multi-Asset and Fixed Income

	Aligned With Key Client Demand Trends
		Private
		Markets
OrganicGrowth		Dedicated
	Specialty Fixed
		ESG
		Income
		Wealth
		Management

All data as of 12/31/20.

4 |

Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate

Significant Opportunities to Drive Growth and Compound

Earnings at a High Rate of Return Over Time

Affiliate

Performance

Diversified market

exposures and alpha

generation

				Share
				Repurchases
			Committed to returning
		Affiliate	excess capital primarily
		Investments		through share
			repurchases
		Partnering with high-
Organic		quality businesses to
Growth	enhance earnings and
	organic growth
Net client cash flows
driven by secular
growth areas and
distribution

Illustrative

Annual

Growth

Mid-Teens Annualized Growth Opportunity Over Time

5 |