New York, Feb 13, 2026, 10:23 (EST) — Regular session
- Affiliated Managers Group slipped roughly 1.5% in morning trading.
- The board has cleared a fresh 4.2 million-share buyback plan. Dividend payout lands on March 9.
- COO set to step down March 6. Fresh minority positions in HighBrook and Garda mark another move deeper into private markets.
Affiliated Managers Group, Inc. (NYSE:AMG) slipped 1.5% to $324.17 early Friday, as the stock lost some ground following a flurry of earnings, buyback moves, and fresh deal news from the asset manager.
Thursday’s fourth-quarter numbers landed with a split verdict: profits topped expectations, but sales fell short. Another batch of corporate maneuvers adds to the ongoing narrative, setting up more developments next week. The key issue now—can AMG keep attracting assets to its pricier strategies while reducing its outstanding shares? 1
During Thursday’s earnings call, AMG projected first-quarter adjusted EBITDA between $310 million and $330 million. The company put its economic earnings per share—their go-to adjusted profit figure—at $7.98 to $8.52, based on net performance fees ranging from $40 million to $60 million, which are tied to investment returns. Management reported net outflows from equity strategies: around $12 billion for the quarter, and roughly $45 billion for 2025. 2
AMG turned in fourth-quarter economic EPS of $9.48, with diluted EPS hitting $11.21. Full-year economic EPS came in at $26.05. The company said it bought back around $700 million in shares in 2025. Net client cash inflows reached $29 billion for the year, $12.1 billion of that landing in the fourth quarter. Assets under management finished at $813 billion. CEO Jay Horgen described 2025 as “one of the strongest years in our Company’s history.” 3
AMG’s board on Thursday signed off on another buyback plan, adding authorization for up to 4.2 million more shares—bringing the total buyback capacity to roughly 6 million shares, with no expiration on any of the programs. The company noted it could repurchase stock via open-market deals, private agreements, or accelerated buybacks, and may use Rule 10b5-1 trading plans. The board also set a quarterly dividend of $0.01, payable March 9 to holders on record as of Feb. 23. 4
AMG disclosed it has taken a minority stake in HighBrook Investors, a real estate shop zeroing in on value-add plays across the U.S. and Europe—think European last-mile logistics and U.S. data centers. The two firms put HighBrook’s track record at over $2.3 billion of equity committed, spanning upwards of 80 deals and roughly $5.7 billion in gross asset value. Horgen flagged HighBrook’s strategy as a play on “long-term secular tailwinds.” HighBrook’s co-founder Brian Carr, for his part, pointed to AMG’s “collaborative partnership” approach as the draw. 5
Separately, AMG announced it has boosted its minority stake in Garda Capital Partners, a fixed-income relative-value shop that’s been an affiliate since 2019. Garda now oversees more than $12 billion, according to the statement. AMG will keep its status as a minority holder once the deal closes. CEO Jeff Drobny credited AMG, saying it “has fully delivered” on commitments, and noted Garda’s business has tripled since teaming up. 6
Another piece in the mix: AMG announced Thomas Wojcik will exit as president and chief operating officer on March 6, shifting his responsibilities to other top execs. Per a separate filing, Wojcik stands to collect $5.025 million in cash during 2026, plus a potential $11.05 million in early 2027 if he satisfies certain post-employment terms. All unvested equity awards get axed on his departure date. 7
Still, much of AMG’s earnings ride on markets and performance fees — both can dry up fast in a bad quarter. Should risk assets stumble or fundraising hit a lull, those fees may slip and the buyback could stall. Investors face another variable: Wojcik’s transition out has to go off without a hitch.
Clarkston Capital Partners and affiliates disclosed a 3.21% stake in AMG, or 904,119 shares, according to an amended Schedule 13G filed Friday. The filing noted the position is held passively, with no intent to affect control. 8
Traders are eyeing the stock’s moves after this morning’s drop, also looking for signs of company buybacks kicking in. Not much time before the next markers arrive—Feb. 23 for the dividend record, March 6 brings the COO’s departure, then the payment on March 9.
