|Over a week ago|
Affiliated Managers announces investment in Jackson Square Partners » 08:3211/2011/20/20
Affiliated Managers Group…
Affiliated Managers Group and the management team of Jackson Square Partners have purchased the minority equity interest in Jackson Square held by Macquarie Investment Management. Following the transaction, the partners of Jackson Square will continue to own a significant majority of the equity of the business. Jackson Square is an independent, privately owned investment manager specializing in long-only, growth-oriented equity strategies, with approximately $24B across Large-Cap Growth, Global Growth, SMID-Cap Growth, and Small-Cap Growth discretionary and non-discretionary assets under administration as of September 30, 2020. Committed to concentrated, long-term investing with a focus on intrinsic business value growth, Jackson Square is based in San Francisco and serves a diversified set of institutional clients and consultants globally. The terms of the transaction were not disclosed.
Affiliated Managers price target raised to $89 from $78 at Deutsche Bank » 06:5911/1111/11/20
Deutsche Bank analyst…
Deutsche Bank analyst Brian Bedell raised the firm's price target on Affiliated Managers to $89 from $78 and keeps a Hold rating on the shares. The analyst is taking a "more bullish view" on equity markets and long-term interest rates post the U.S. election results and greater optimism around development of an effective Covid-19 vaccine for 2021.
|Over a month ago|
Affiliated Managers price target raised to $78 from $74 at Deutsche Bank » 06:4710/2710/27/20
Deutsche Bank analyst…
Deutsche Bank analyst Brian Bedell raised the firm's price target on Affiliated Managers Group to $78 from $74 and keeps a Hold rating on the shares. The company reported "mixed" Q3 results but elevated outflows may begin to ease after Q4, Bedell tells investors in a research note.
Affiliated Managers price target raised to $86 from $82 at Barrington » 15:5710/2610/26/20
Barrington analyst Alexander Paris raised the firm's price target on Affiliated Managers to $86 from $82 to reflect the better-than-expected third quarter earnings, representing 12% upside from current levels. The analyst reiterates an Outperform rating on the shares as he believes Affiliated Managers' strong capital position, significant free cash flow and financial flexibility, create a meaningful advantage as the company executes on its potential opportunities, while also returning excess cash to shareholders.
Affiliated Managers reports Q3 economic EPS $3.27, consensus $2.84 » 07:0510/2610/26/20
Jay Horgen, President and…
Jay Horgen, President and CEO of AMG, said: "AMG reported third quarter Adjusted EBITDA of $181 million, representing 12% quarter-over-quarter growth, as strong Affiliate investment returns more than offset challenges in certain quantitative strategies. AMG's Affiliates continue to generate alpha across a broad array of distinctive equity and alternative strategies, and are well-positioned to benefit as clients recognize increasing asset dispersion and engage high-performing, active managers to navigate rapidly changing markets. Independent partner-owned boutiques have historically outperformed in periods of heightened volatility, and clients view the most skilled active managers as key contributors to achieving their long-term objectives, particularly in a low-yield environment. As business activity levels continue to normalize, we have increased our focus on investing for growth and are executing on our opportunity set across both existing Affiliates and new Affiliate prospects operating in areas of strong client demand. AMG's unique investment model enables us to scale our business without the risk or cost of integration. With our three-decade track record as the partner of choice to leading independent firms, our Affiliates' long-term organic growth opportunities, and our commitment to returning excess capital to shareholders, we are confident in our ability to generate strong earnings growth and create long-term shareholder value."
Trian involvement could by catalyst for 'beaten down' managers, says Jefferies » 07:5810/0510/05/20
AMG, EV, WDR, WETF, LM, LAZ, BEN
Jefferies analyst Daniel…
Jefferies analyst Daniel Fannon noted the news that Nelson Peltz's Trian Management has taken stakes in both Invesco (IVZ) and Janus Henderson (JHG) and is pushing for operational improvements and greater scale, pointing out that Trian "has a solid track record of making investments in this industry" with both Legg Mason (LM) and Lazard (LAZ). Given what he sees as negative investor sentiment and relatively high short interest in certain names, Fannon would view the resurgence of M&A and consolidation as a positive catalyst for several "more beaten down names" in addition to Janus and Invesco, calling out WisdomTree (WETF), Waddell & Reed (WDR), Eaton Vance (EV) and Affiliated Managers (AMG) as others that may see some relief from the Trian news.
|Over a quarter ago|
Affiliated Managers director Patrick Ryan resigns » 07:5508/0308/03/20
Affiliated Managers Group…
Affiliated Managers Group announced that Patrick Ryan has decided to resign from its Board of Directors, effective immediately. Ryan has served on AMG's Board for 15 years and currently serves as Chairman and CEO of Press Ganey Associates LLC, a high growth healthcare technology and services company which was recently acquired by Leonard Green & Partners and Ares Management.
Affiliated Managers price target raised to $82 from $75 at Barrington » 15:1807/2707/27/20
Barrington analyst Alexander Paris raised the firm's price target on Affiliated Managers to $82 from $75 and keeps an Outperform rating on the shares following the company's Q2 report. He views Affiliated's business model as "more resilient than most of its asset management peers," Paris tells investors.
Affiliated Managers reports Q2 revenue $471.1M, consensus $449.9M 07:0907/2707/27/20
Affiliated Managers reports Q2 economic EPS $2.74, consensus $2.71 » 07:0807/2707/27/20
CEO Jay Horgen said:…
CEO Jay Horgen said: "In a period of significant ongoing uncertainty, AMG reported Economic earnings per share of $2.74 for the second quarter. Net client cash flows were driven by ongoing performance headwinds concentrated in certain quantitative strategies, which offset organic growth across private markets, wealth management, and traditional and alternative fixed income strategies. While considerable market volatility persists, we continue to actively position our business for growth; through the disciplined execution of our strategy, along with the quality and diversity of our Affiliates, we are confident in our ability to create meaningful shareholder value over time. We have enhanced our financial flexibility and expanded our solution set for prospective Affiliates, further augmenting our ability to execute on unique opportunities arising from market dislocation. For three decades, AMG has demonstrated the ability to grow across market cycles, and we remain focused on generating long-term value by investing in leading independent boutique managers, through our proven partnership approach, and allocating resources toward the areas of highest growth and return across our opportunity set."