AFFILIATED MANAGERS GROUP, INC.AMG
AFFILIATED MANAGERS GROUP, INC. Goodwill & Intangibles Disclosure
Goodwill and Acquired Client Relationships
The following table presents the changes in the Company’s Goodwill:
Goodwill | ||||
2024 | 2025 | |||
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $2,523.6 | $2,504.9 | ||
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (18.7) | 26.3 | ||
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $2,504.9 | $2,531.2 | ||
As of September 30, 2025, the Company completed its annual impairment assessment on goodwill and no impairment was
indicated.
The following table presents the changes in the Company’s components of Acquired client relationships (net):
Acquired Client Relationships (Net) | ||||||||||
Definite-lived | Indefinite-lived | Total | ||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Carrying Value | Carrying Value | ||||||
Balance, as of December 31, 2023 . . . . . . . . | $1,260.5 | $(1,051.2) | $209.3 | $1,603.1 | $1,812.4 | |||||
Intangible amortization and impairments . . | — | (29.0) | (29.0) | — | (29.0) | |||||
Foreign currency translation . . . . . . . . . . . . | (5.0) | 5.0 | — | (5.6) | (5.6) | |||||
Balance, as of December 31, 2024 . . . . . . . . | $1,255.5 | $(1,075.2) | $180.3 | $1,597.5 | $1,777.8 | |||||
Intangible amortization and impairments . . | — | (25.3) | (25.3) | (135.0) | (160.3) | |||||
Foreign currency translation . . . . . . . . . . . . | 11.9 | (11.9) | — | 21.8 | 21.8 | |||||
Balance, as of December 31, 2025 . . . . . . . . | $1,267.4 | $(1,112.4) | $155.0 | $1,484.3 | $1,639.3 | |||||
Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected
period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments for these
relationships of $48.3 million, $29.0 million, and $25.3 million for the years ended December 31, 2023, 2024, and 2025,
respectively. Based on relationships existing as of December 31, 2025, the Company estimates that its consolidated
amortization expense will be approximately $25 million in each of 2026, 2027, and 2028, approximately $15 million in 2029,
and approximately $10 million in 2030. As of December 31, 2025, no impairments of definite-lived acquired client
relationships were indicated.
In the first quarter of 2025, the Company completed an impairment assessment of the indefinite-lived acquired client
relationships for certain mutual fund assets and determined that the fair value of the assets had declined below their carrying
values. Accordingly, the Company recorded an expense in of $59.2 million
attributable to the controlling interest ($70.0 million in aggregate) to reduce the carrying value of the assets to fair value. The
decline in the fair value was a result of current and projected declines in assets under management that decreased the forecasted
revenue associated with the assets. The most relevant assumptions used in these analyses were revenue growth rates over the
next five years ranging from (21)% to 0%, long-term revenue growth rates of 0%, and discount rates of 11.0%.
In the first quarter of 2025, the Company also recorded an expense in Intangible amortization and impairments of
$4.0 million attributable to the controlling interest ($7.0 million in aggregate) to reduce the carrying value of an indefinite-lived
acquired client relationship to zero due to the closure of one of its Affiliate’s mutual fund products.
In the fourth quarter of 2025, the Company completed its annual impairment assessment of its indefinite-lived acquired
client relationships and determined that the fair value of certain mutual fund assets had declined below their carrying values.
Accordingly, the Company recorded an expense in of $37.0 million attributable to the
controlling interest ($58.0 million in aggregate) to reduce the carrying value of the assets to fair value. The decline in the fair
value was a result of current and projected declines in assets under management that decreased the forecasted revenue
associated with the assets. The most relevant assumptions used in these analyses were revenue growth rates over the next five
years ranging from (34)% to 0%, long-term revenue growth rates of 0%, and discount rates of 10.5%.
For the year ended December 31, 2025, no other impairments were indicated for the Company’s indefinite-lived acquired
client relationships.
In the third quarter of 2023, the Company completed the sale of its equity interest in Veritable, LP (“Veritable”), one of the
Company’s consolidated Affiliates, (the “Veritable Transaction”). Pursuant to the terms of the agreement, under which a third
party acquired 100% of the outstanding equity interests in Veritable, the Company received $287.4 million in cash, net of
transaction costs. Veritable is included in the Company’s results through the closing date, and the Company’s gain from the
transaction was $133.1 million, which is recorded in Affiliate transaction gains in the Consolidated Statements of Income.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.