AMG - Affiliated Managers Group: Positive On Client Flows And Buybacks

• Affiliated Managers Group's 1Q 2021 financial performance was in line with market expectations, with its non-GAAP earnings per share up 35% YoY driven by performance fees and share buybacks.
• The company has struck a good balance between returning excess capital to shareholders and allocating sufficient capital to new investments.
• An improvement in client outflows and continued share buybacks should help support Affiliated Managers Group's positive double-digit revenue and earnings growth expectations this year.
• The market currently values Affiliated Managers Group at consensus forward FY 2021 and FY 2022 P/E multiples of 10.5 times and 9.5 times, respectively.

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