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Affiliated Managers posts record Q2 revenue and income on alternatives boom
The firm reported assets under management of $942.4 billion, up 22% year over year, and said alternatives now account for more than 60% of earnings.
Affiliated Managers Group reported record second-quarter results as its push into alternatives and liquid alternative strategies fueled growth, according to MarketBeat Ratings.
For the three months ended July 30, consolidated revenue rose 29.9% year over year to $640.7 million, beating analyst consensus of $590.9 million. Consolidated net income increased to $237 million from $136 million in the year-ago quarter, while economic earnings per share climbed 54% to $8.29, above the $7.90 expected. Diluted GAAP earnings per share more than doubled to $6.95 from $2.80, and adjusted EBITDA attributable to controlling interests rose 44% to $316 million.
Assets under management reached a record $942.4 billion at the end of June, up 22% from a year earlier and up 7% from the prior quarter. The company said it added net $12.9 billion of new money in the quarter, more than 50% higher than the year-ago quarter and $35.5 billion over the first half of 2026.
Alternatives contributed substantially to both inflows and earnings, with alternative strategies accounting for roughly $29 billion of the quarter's net inflow. Management also said alternatives generate more than 60% of the company's earnings, a mix it expects to approach 70% over time.