Affiliated Managers Group Inc.

Company Overview

Business Model: Affiliated Managers Group, Inc. (AMG) is a strategic partner to leading independent investment firms globally. Its strategy is to generate long-term value by investing in high-quality independent partner-owned firms, referred to as Affiliates. AMG provides strategic capabilities and insight, including access to growth capital, product strategy and distribution through capital formation capabilities, succession planning, and strategic advisory. Affiliates manage diverse return-oriented asset classes and structures across alternatives (private markets and liquid alternatives) and differentiated long-only (equities, multi-asset, and fixed income). The business generates significant cash flow, which AMG deploys towards growth investments and the return of capital to shareholders.

Market Position: AMG's business is highly diversified across strategy, product, and client type, which enhances earnings stability. Its Affiliates are recognized as industry leaders in their respective investment disciplines, with long-term performance records. AMG's distinctive partnership approach supports Affiliate autonomy and independence, preserving their entrepreneurial cultures and investment expertise. Key competitive advantages include direct equity ownership by firm principals, an ownership mindset, a long-term orientation, and the ability to act nimbly. AMG has a global reputation as a successful strategic partner to leading independent investment firms worldwide.

Recent Strategic Developments:

• New Partnerships (2025): AMG entered into four new partnerships with independent firms collectively managing approximately $23 billion in alternative strategies.
  • Completed a minority investment in NorthBridge Partners, LLC, a private markets manager specializing in industrial logistics real estate assets, in Q1 2025.
  • Completed a minority investment in Verition Fund Management LLC, a global multi-strategy investment firm, in Q2 2025.
  • Completed minority investments in Montefiore Investment, a European private equity firm focused on the services sector, and Qualitas Energy, a renewables-focused global infrastructure manager, in Q4 2025.
  • Announced a strategic partnership with Brown Brothers Harriman to acquire a minority equity interest in BBH Credit Partners, a newly formed subsidiary focused on structured and alternative credit investment strategies, which was completed in January 2026.
  • Announced an additional minority investment in Garda Capital Partners LP, a liquid alternatives manager, and a minority investment in HighBrook Investors, a private markets manager, in February 2026.
• Strategic Divestments (2025):
  • Completed the sale of its minority equity interest in Peppertree Capital Management, Inc. to TPG Inc. for total consideration of $253.2 million (net of transaction costs), including $99.8 million in cash and 2.9 million TPG Class A common shares (all since sold). This resulted in a gain of $127.6 million.
  • Comvest Partners completed the sale of its private credit business to Manulife Financial Corporation, for which AMG received $282.0 million in cash for its portion. This resulted in a gain of $227.6 million.
  • Completed the sale of its minority equity interest in Montrusco Bolton Investments Inc. to Walter Global Asset Management Inc. for $22.0 million in cash. This resulted in a gain of $16.2 million.
• U.S. Wealth Platform Expansion: AMG further expanded its vertically-integrated U.S. wealth platform, which includes product development expertise, an operations team, and a scaled distribution organization.
• Product Innovation: Launched innovative products, including four new alternative strategies and an active exchange-traded fund (ETF) in the past two years.

Geographic Footprint: AMG operates globally, serving institutional and individual clients worldwide. Its distribution capabilities extend to the U.S., Europe, the UK, the Middle East, and Asia.

• Consolidated revenue distribution (2025):
  • United States: $1,486.9 million
  • United Kingdom: $527.0 million
  • Other: $60.5 million
• Fixed assets (net) distribution (2025):
  • United States: $43.9 million
  • United Kingdom: $10.2 million
  • Other: $0.3 million

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: N/A
• Operating Margin: N/A
• Net Margin: 43.6%

Investment in Growth:

• R&D Expenditure: Not explicitly stated.
• Capital Expenditures: $6.1 million (purchases of fixed assets)
• Strategic Investments:
  • Investments in Affiliates: $776.0 million
  • Purchases of investment securities: $103.8 million

Business Segment Analysis

AMG operates in one segment, with its Chief Executive Officer serving as the chief operating decision maker, using Net income to assess performance and allocate resources. The company's business is highly diversified across various investment strategies.

Alternative Strategies

Financial Performance:

• Private Markets:
  • Revenue: Included in overall segment revenue.
  • Assets Under Management (AUM): $146.0 billion (as of December 31, 2025)
  • Net Client Cash Flows (2025): +$23.9 billion
  • Key Growth Drivers: Differentiated investment approaches, deep sector expertise, regional networks, market-specific knowledge, long-dated capital commitments, and the growing potential to generate and realize carried interest. New partnerships in 2025 (NorthBridge Partners, LLC, Montefiore Investment, Qualitas Energy) contributed $10.6 billion in AUM.
• Liquid Alternatives:
  • Revenue: Included in overall segment revenue.
  • Assets Under Management (AUM): $227.2 billion (as of December 31, 2025)
  • Net Client Cash Flows (2025): +$50.5 billion
  • Key Growth Drivers: Excellent long-term track records across both beta-sensitive and absolute return strategies, designed to generate returns with low or no correlation to broader markets. These strategies can generate sizable performance fee earnings. New partnership in 2025 (Verition Fund Management LLC) contributed $12.4 billion in AUM.

Product Portfolio:

• Private Markets: Diverse areas including industrial logistics real estate assets, European private equity focused on the services sector, and renewables-focused global infrastructure.
• Liquid Alternatives: Multi-strategy, global macro, relative value fixed income, and trend-following strategies.

Market Dynamics:

• Private Markets: Positioned for long-term value creation with differentiated investment models and a focus on diverse areas with long-term structural tailwinds.
• Liquid Alternatives: Strategies designed to protect against volatility and drawdowns, complementing private markets and differentiated long-only strategies. Experienced strong net inflows in 2025.

Differentiated Long-Only Strategies

Financial Performance:

• Equities:
  • Revenue: Included in overall segment revenue.
  • Assets Under Management (AUM): $312.1 billion (as of December 31, 2025)
  • Net Client Cash Flows (2025): -$45.3 billion (net outflows)
  • Key Growth Drivers: Enduring franchises with specialized investment expertise and long-term track records across all stages of a market cycle.
• Multi-Asset & Fixed Income:
  • Revenue: Included in overall segment revenue.
  • Assets Under Management (AUM): $128.0 billion (as of December 31, 2025)
  • Net Client Cash Flows (2025): -$0.4 billion (net outflows)
  • Key Growth Drivers: Wealth management and solutions offerings, primarily customized toward wealth preservation, estate planning, and liability and tax management.

Product Portfolio:

• Equities: Traditional equity strategies typically through mutual fund products, ETFs, separately managed accounts, and Undertakings for Collective Investment in Transferable Securities (UCITS) in both U.S. and international markets.
• Multi-Asset & Fixed Income: Multi-asset class portfolios and traditional fixed income strategies.

Market Dynamics:

• Equities: Continues to face headwinds in line with industry trends, resulting in net outflows in 2025.
• Multi-Asset & Fixed Income: These investment products are typically not measured against a benchmark due to their customized nature.

Overall AUM (as of December 31, 2025): Total AUM was $813.3 billion, an increase of $105.4 billion or 15% from 2024. This growth was driven by a combination of investment performance across Affiliates, net client cash inflows, and the addition of assets from new partnerships in alternative strategies, partially offsetting net outflows in equity strategies and asset removals from divestments.

Aggregate Fees (2025): Aggregate fees were $6,167.5 million, an 18% increase from 2024. This increase was due to a 13% increase from asset-based fees and a 5% increase from performance-based fees, primarily in liquid alternative strategies. Approximately 28% of total AUM could potentially earn performance-based fees.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: In 2025, AMG repurchased 3.3 million shares of its common stock at an average price of $212.92 per share, totaling $706.3 million (net). The Board of Directors authorized share repurchase programs in July 2024 (up to 5.4 million shares) and January 2026 (up to 4.2 million shares), with no expiry. As of January 26, 2026, 6.0 million shares were available for repurchase.
• Dividend Payments: $1.0 million in 2025 ($0.04 per share).
• Dividend Yield: Not explicitly stated.
• Future Capital Return Commitments: Ongoing share repurchase programs.

Balance Sheet Position:

• Cash and Equivalents: $586.0 million (as of December 31, 2025)
• Total Debt: $2,691.3 million (as of December 31, 2025)
• Net Cash Position: -$2,105.3 million (calculated as Cash and Equivalents minus Total Debt)
• Credit Rating: A3 by Moody’s Investors Service and BBB+ by S&P Global Ratings.
• Debt Maturity Profile: The weighted average maturity of outstanding senior and junior subordinated notes is 22 years, with all maturities in 2030 and beyond. The nearest term maturity is $350.0 million senior notes due June 2030.
  • Senior Notes (Par Value): $350.0 million (2030), $400.0 million (2034), $425.0 million (2036).
  • Junior Subordinated Notes (Par Value): $300.0 million (2059), $275.0 million (2060), $200.0 million (2061), $450.0 million (2064).
  • Junior Convertible Securities: $340.6 million principal outstanding as of December 31, 2025, which were redeemed in cash for an aggregate amount of $514.6 million in January 2026.

Cash Flow Generation:

• Operating Cash Flow: $973.2 million (2025)
• Free Cash Flow: Not explicitly stated.
• Cash Conversion Metrics: Not explicitly stated.

Operational Excellence

Production & Service Model: AMG operates as a strategic partner, providing support and assistance to its Affiliates while enabling each Affiliate's management team to retain autonomy and significant equity ownership. Affiliates operate through distinct legal entities, with customized operating agreements and "structured partnership interests." AMG's strategic capabilities include access to growth capital, product strategy and distribution through capital formation capabilities, succession planning, and strategic advisory. The vertically-integrated U.S. wealth platform provides product development, operations support, and scaled distribution for Affiliates' alternative products.

Supply Chain Architecture: Key Suppliers & Partners:

• Financial Intermediaries: Broker-dealers, custodians, administrators, and other agents.
• Technology Infrastructure Providers: Including cloud storage and e-mail services.
• Professional Advisors: Accounting, legal, and other professional advisors.

Facility Network: AMG conducts its operations globally using a combination of leased and owned facilities. Affiliates typically lease office space in the cities where they conduct business. Specific details on manufacturing, R&D centers, or distribution infrastructure are not provided for AMG or its Affiliates.

Operational Metrics: Operational metrics are not explicitly stated in a consolidated, quantitative manner beyond AUM and fee generation. AMG has an integrated cybersecurity risk management program, with regular assessments, monitoring, and testing of information systems. The information security organization leverages internal and external resources for threat identification, protection, detection, mitigation, resolution, and recovery. All employees are required to attest annually to information security policies and participate in regular security awareness training.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: Affiliates' own business development efforts.
• Channel Partners: Leveraging AMG’s strategic relationships in the U.S., Europe, the UK, the Middle East, and Asia.
• Digital Platforms: The U.S. wealth platform provides wealth clients with access to differentiated products from best-in-class independent managers.

Customer Portfolio: Enterprise Customers:

• AMG serves institutional and wealth clients globally.
• No specific customer concentration metrics or Tier 1 client names are disclosed in the filing.

Geographic Revenue Distribution:

• United States: 71.7% of consolidated revenue in 2025.
• United Kingdom: 25.4% of consolidated revenue in 2025.
• Other: 2.9% of consolidated revenue in 2025.
• Growth Markets: AMG's distribution platform aims to expand reach in Europe, the UK, the Middle East, and Asia.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The investment management industry is highly competitive and subject to complex and extensive regulation globally. Key trends include investor demand for passively-managed products (which typically carry lower fee rates) and rapid advancements in technology, such as artificial intelligence (AI). There are relatively few barriers to entry for new investment management firms, particularly those serving institutional and high net worth investors.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors: AMG's Affiliates compete with numerous investment management firms globally, including public, private, and client-owned investment advisers; firms managing passively-managed products (e.g., exchange traded funds); and firms associated with securities broker-dealers, financial institutions, insurance companies, private equity firms, and sovereign wealth funds. These competitors may possess significantly greater financial, technological, and marketing resources, captive distribution, or assets under management, or may be subject to less regulation.

Emerging Competitive Threats: Emerging threats include new entrants, disruptive technologies (such as financial applications and services based on generative AI, machine-learning algorithms, and large language models), and a trend towards institutions consolidating the number of investment managers they work with.

Competitive Response Strategy: AMG's strategy involves focusing on differentiated investment strategies and products to meet evolving client needs. It continuously invests in its strategic capabilities to enhance Affiliates' ability to scale and diversify their businesses. AMG's unique partnership model, which emphasizes long-term duration and preserves Affiliate independence and entrepreneurial culture, is a key differentiator. The company also focuses on developing increasingly complex strategies and products, including those offered on its U.S. wealth distribution platform.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• Investment Performance: Financial results are highly dependent on Affiliate investment performance, which can vary substantially. Poor performance can lead to client asset withdrawals and reduced fees.
• Fee Levels & Product Mix: The ability to grow or maintain current fee levels is influenced by competition and industry trends, such as investor demand for lower-fee passively managed products. Changes in the composition of assets under management can decrease aggregate fees even if total AUM remains stable or increases.
• AUM Fluctuations: AMG is vulnerable to declines in the market value of its assets under management due to capital market volatility, fluctuations in foreign currency exchange rates, interest rates, inflation, global economic conditions, and geopolitical events.
• Reputational Harm: The success of AMG's business relies on maintaining the trust and confidence of its Affiliates, stockholders, and clients. Reputational damage from alleged or actual non-compliance, cyber-attacks, fund liquidity issues, litigation, or negative stakeholder perceptions could materially harm the business.
• Competition: The investment management industry is highly competitive, with numerous firms possessing greater resources, captive distribution, or less regulation. This competition may reduce fees or impair the ability to attract and retain client assets.
• Investment Management Contract Termination: Many of AMG's Affiliates' investment management contracts are terminable by clients without penalty upon relatively short notice (typically 60 days), posing a risk of asset withdrawals due to factors like poor investment performance or loss of key personnel. Mutual fund contracts are subject to annual board approval.

Operational & Execution Risks

Supply Chain Vulnerabilities:

• Third-Party Service Providers: Reliance on outsourced support services (e.g., fund administration, compliance, technology infrastructure) creates a risk of disruption or operational difficulties if these providers fail.
• Internal Controls & Procedures: There is a risk that internal controls, procedures, policies, and systems may be inadequate, fail, or be circumvented, potentially leading to financial loss, non-compliance, or reputational harm.
• Key Personnel Dependency: AMG depends on the efforts of its executive officers and key Affiliate principals. The loss of these individuals could disrupt business operations, cause client withdrawals, or trigger "key person" provisions in fund documentation.
• Technology Infrastructure: The business is reliant upon financial, accounting, and technology systems. Failure to maintain and safeguard this infrastructure, or incidents such as cyber-attacks, data breaches, phishing schemes, and related fraud attempts, could disrupt operations, lead to losses, or harm reputation. The rapid evolution and increased availability of AI technologies intensify cybersecurity risks.

Financial & Regulatory Risks

Market & Financial Risks:

• Capital Raising: AMG's continuing acquisitions and strategic initiatives may require additional capital. Existing resources may not be sufficient, and access to debt or equity capital markets may not be available on acceptable terms.
• Indebtedness: As of December 31, 2025, AMG had $2.7 billion in outstanding debt. Its debt agreements contain financial covenants (e.g., maximum leverage ratio of 3.25x, minimum interest coverage ratio of 3.00x) which, if breached, could result in the acceleration of debt repayment.
• Intangible Asset Impairment: AMG has substantial intangible assets ($4.2 billion) and equity method investments ($2.9 billion) on its balance sheet as of December 31, 2025. Any impairment of these assets, such as the $128 million impairment recorded on indefinite-lived acquired client relationships in 2025, could adversely affect financial condition and results of operations.
• Market Risk Management: While derivative financial instruments are used to offset exposure to changes in interest rates, foreign currency exchange rates, and markets, there is no assurance they will meet their objectives, and they can limit opportunities for gain or expose AMG to counterparty risk.
• Structured Partnership Interests: The varied nature of AMG's structured partnership interests in Affiliates may expose it to unanticipated changes in Affiliate revenue, operating expenses, and other commitments, with limited ability to control Affiliate expenses in some structures.
• Repositioning/Divestment of Interests: Repositioning or divestment of equity interests in Affiliates may not always be beneficial, could result in increased exposure to Affiliate performance, or lead to less favorable terms.

Regulatory & Compliance Risks:

• Extensive Regulation: AMG and its Affiliates are subject to complex and extensive regulation globally by authorities such as the SEC, FCA, ERISA, CFTC, and FINRA, as well as EU directives. Non-compliance can lead to civil or criminal liability, fines, sanctions, or business restrictions.
• Evolving Regulatory Environment: New laws, regulations, or interpretations (e.g., AI regulations, ESG-related regulations) can increase compliance costs, require operational changes, or create uncertainty.
• International Operations: International operations expose AMG to foreign risks, including political, regulatory, economic, and currency risks, as well as varying regulatory capital requirements.
• Tax Law Changes: Changes in U.S. or foreign tax laws, regulations, or interpretations could materially impact AMG's tax provision, deferred tax assets, and liabilities. AMG is also subject to tax examinations and inquiries.
• Legal Proceedings: AMG and its Affiliates may be involved in various claims, lawsuits, and regulatory matters in the ordinary course of business. There is a potential for liability for certain Affiliate actions where AMG is the managing member or general partner.

Innovation & Technology Leadership

Research & Development Focus: While specific R&D expenditure for AMG itself is not detailed, AMG invests in its own strategic value-add capabilities to scale and diversify Affiliate businesses. Affiliates develop differentiated investment processes and strategies.

• Innovation Pipeline: AMG supports Affiliates in developing, seeding, and distributing new strategies and products, including innovative alternative products and ETFs, with four new alternative strategies and an active ETF launched in the past two years.

Intellectual Property Portfolio: Not explicitly detailed in the filing.

Technology Partnerships: AMG leverages third-party technology infrastructure providers and monitors industry best practices in data privacy and security. Strategic alliances and research collaborations are not explicitly detailed.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: AMG depends on the efforts of its executive officers and other employees. While no employment agreements are in place for executive officers, they hold significant deferred equity interests and are subject to non-solicitation and non-competition restrictions. AMG focuses on attracting, retaining, and motivating top talent through a strong values-based culture, career development, employee engagement, attractive compensation and benefits programs, succession planning, and fostering organizational diversity.

Board Composition: Four of seven (57%) independent members of the Board of Directors are women, and three of seven (43%) independent directors are ethnically diverse. Two of the three Board committees are chaired by women. The Board of Directors regularly receives reports on human capital initiatives and cybersecurity.

Human Capital Strategy

Workforce Composition:

• Total Employees: Approximately 5,600 (as of December 31, 2025) across AMG and its Affiliates.
• Geographic Distribution: Employees are located in global offices and around the world.
• Skill Mix: Not explicitly detailed, but there is an emphasis on attracting and retaining highly skilled professionals in the investment management industry, particularly in alternative strategies.

Talent Management: Acquisition & Retention:

• Hiring Strategy: AMG seeks to recruit the best people for each role without regard to gender, ethnicity, or other protected traits, and complies with all anti-discrimination laws.
• Retention Metrics: AMG reported an employee satisfaction rating of 93% in 2025 (for its direct employees).
• Employee Value Proposition: AMG supports its employees through a strong values-based culture, commitment to career development and training, employee engagement initiatives, attractive compensation and benefits programs, attention to succession planning, and fostering organizational diversity. This includes company-supported time off for educational pursuits and charitable endeavors.

Diversity & Development:

• Diversity Metrics: Across management positions in AMG's workforce, gender diversity is 39%, and nearly half (47%) of its employees are women. On the Board of Directors, four of seven (57%) independent members are women, and three of seven (43%) independent directors are ethnically diverse. Two of the three Board committees are chaired by women.
• Development Programs: AMG offers leadership training and sponsored skills development programs, anchored on a comprehensive performance review process, including a company-wide 360-degree review program.
• Culture & Engagement: AMG prioritizes employee engagement through various cross-functional, multi-level communication and collaboration mediums, including small working group lunches, company-wide gatherings, town halls, management off-sites, and charitable volunteer activities. It offers a formal gift-matching program and a volunteer-matching program.

Environmental & Social Impact

Environmental Commitments: Climate Strategy: Not explicitly detailed in the filing. Supply Chain Sustainability: Not explicitly detailed in the filing.

Social Impact Initiatives:

• Community Investment: AMG is committed to giving back to the communities in which its employees work and live through corporate philanthropic initiatives across its global offices. This includes a formal gift-matching program and a volunteer-matching program, through which AMG and The AMG Charitable Foundation have made donations to more than 1,100 organizations worldwide.
• Product Impact: Not explicitly stated in the filing.

Business Cyclicality & Seasonality

Demand Patterns:

• Seasonal Trends: Not explicitly detailed in the filing.
• Economic Sensitivity: AMG's financial results are significantly impacted by changes in financial markets, including declines in capital markets, fluctuations in foreign currency exchange rates, interest rates, inflation rates, the yield curve, and other market factors. Global economic conditions also play a critical role.
• Industry Cycles: AMG's highly diversified business model, with exposure across private markets, liquid alternatives, and differentiated long-only strategies, is designed to enhance earnings stability across all stages of a market cycle.

Planning & Forecasting: Not explicitly detailed in the filing.

Regulatory Environment & Compliance

Regulatory Framework: AMG and its Affiliates are subject to complex and extensive regulation by regulatory and self-regulatory authorities and exchanges in various jurisdictions around the world. Industry-Specific Regulations:

• Investment Advisers Act of 1940: The majority of AMG's Affiliates are registered with the SEC as investment advisers.
• Financial Conduct Authority (FCA): Affiliates active in the UK and AMG's institutional distribution subsidiary are regulated by the FCA.
• Investment Company Act of 1940: Many Affiliates sponsor or advise registered and unregistered funds in the U.S.
• UCITS Directive & Alternative Investment Fund Managers Directive: Applicable to Affiliates operating in the European Union.
• Employee Retirement Income Security Act of 1974 (ERISA): Certain Affiliates and AMG's U.S. wealth distribution subsidiary are subject to ERISA with respect to retirement plan clients.
• U.S. Commodity Futures Trading Commission (CFTC) & National Futures Association: Certain Affiliates and AMG's U.S. wealth distribution subsidiary are regulated by the CFTC and are members of the National Futures Association for products utilizing futures, swaps, or other CFTC-regulated instruments.
• Financial Industry Regulatory Authority (FINRA): Certain Affiliates and AMG's U.S. wealth broker-dealer subsidiary are registered broker-dealers and FINRA members.
• International Compliance: AMG's global capital distribution platform and certain Affiliates are subject to requirements under non-U.S. regulations to maintain minimum levels of net capital.
• AI Regulations: The use of AI technologies by AMG, its Affiliates, or third-party service providers may require compliance with additional U.S. and non-U.S. legal or regulatory frameworks, such as the EU Artificial Intelligence Act.

Trade & Export Controls: Not explicitly detailed in the filing.

Legal Proceedings: From time to time, AMG and its Affiliates may be parties to various claims, lawsuits, complaints, regulatory investigations, and other proceedings in the ordinary course of business. Currently, no such matters are deemed to have a material adverse effect on AMG's financial position, liquidity, or results of operations.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate (controlling interest): 27.5% in 2025, compared to 25.5% in 2024.
• Geographic Tax Planning: AMG is subject to income taxes as well as non-income based taxes in the U.S. and certain foreign jurisdictions.
• Tax Reform Impact: An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14, signed into law in July 2025, is not expected to have a material impact on AMG's net income and cash flows. AMG continues to monitor the Organization for Economic Co-operation and Development’s Pillar Two directive, which is not currently expected to have a material impact on its Consolidated Financial Statements.
• Junior Convertible Securities: The settlement of junior convertible securities in January 2026 is expected to incur a current cash tax liability of approximately $56.0 million in 2026, reflecting the recapture of excess interest expense deductions.

Insurance & Risk Transfer

Risk Management Framework:

• Insurance Coverage: AMG and its Affiliates maintain errors and omissions and general liability insurance in amounts believed to be adequate to cover potential liabilities.
• Risk Transfer Mechanisms: AMG and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. There is no assurance that these instruments will meet their overall objective or that AMG will be successful in entering into such instruments in the future.