Asset management company Affiliated Managers Group (NYSE: AMG) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 9.7% year on year to $544.9 million. Its non-GAAP profit of $8.23 per share was 1.9% above analysts’ consensus estimates.

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Company Overview

Using a partnership approach that preserves entrepreneurial culture at its portfolio companies, Affiliated Managers Group (NYSE: AMG) is an investment firm that acquires stakes in boutique asset management companies while allowing them to maintain operational independence.

Revenue Growth

Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years. Unfortunately, Affiliated Managers Group struggled to consistently increase demand as its $2.12 billion of revenue for the trailing 12 months was close to its revenue five years ago. This wasn’t a great result, but there are still things to like about Affiliated Managers Group.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Affiliated Managers Group’s annualized revenue growth of 2% over the last two years is above its five-year trend, which is encouraging. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Affiliated Managers Group’s revenue grew by 9.7% year on year to $544.9 million, missing Wall Street’s estimates.

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Assets Under Management (AUM)

Assets Under Management (AUM) encompasses all client funds under a firm's investment management umbrella. The recurring fee structure on these assets provides consistent revenue generation, offering financial stability even during periods of poor investment returns, though sustained underperformance can impact future asset flows.

Affiliated Managers Group’s AUM has grown at an annual rate of 3.6% over the last five years, worse than the broader financials industry but faster than its total revenue. When analyzing Affiliated Managers Group’s AUM over the last two years, we can see that growth accelerated to 10.4% annually. Fundraising or short-term investment performance were net contributors for the company over this shorter period since assets grew faster than total revenue. Keep in mind that asset growth can be erratic and seasonal, so we don't rely on it too heavily for our business quality analysis.

Affiliated Managers Group’s AUM punched in at $882 billion this quarter, beating analysts’ expectations by 10.9%. This print was 23.8% higher than the same quarter last year.

Key Takeaways from Affiliated Managers Group’s Q1 Results

We were impressed by how significantly Affiliated Managers Group blew past analysts’ AUM expectations this quarter. EPS beat. On the other hand, its revenue missed. Overall, this quarter was still solid. The stock traded up 1.6% to $299.30 immediately after reporting.

So should you invest in Affiliated Managers Group right now? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).