AFFILIATED MANAGERS GROUP, INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (a) None. (b) None. (c) Purchases of Equity Securities by the Issuer: Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid Per Share Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs (2) January 1-31, 2025 240,757 $ 184.70 240,757 $ 184.70 5,049,833 February 1-28, 2025 300,656 171.02 300,656 171.02 4,749,177 March 1-31, 2025 470,453 163.98 470,453 163.98 4,278,724 Total 1,011,866 171.00 1,011,866 171.00 ___________________________ (1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap and option exercise transactions, if any. (2) Our Board of Directors authorized a share repurchase program in July 2024 to repurchase up to 5.4 million shares of our common stock, and this authorization has no expiry. Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments. As of March 31, 2025 , there were a total of 4.3 million shares available for repurchase under our July 2024 share repurchase program. Item 6. Exhibits The exhibits are listed on the Exhibit Index below. 38 Table of Contents EXHIBIT INDEX Exhibit No. Description 10.1 Equity Distribution Agreement, dated as of March 7, 2025, by and among the Registrant and the Agents, Forward Sellers, and Forward Purchasers named therein (incorporated by reference to the Registrant’s Current Report on Form 8-K (No. 001-13459), filed March 7, 2025) 10.2 Form of Forward Sale Agreement, dated as of March 7, 2025, pursuant to the Equity Distribution Agreement (incorporated by reference to the Registrant’s Current Report on Form 8-K (No. 001-13459), filed March 7, 2025) 31.1 Certification of Registrant’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* 31.2 Certification of Registrant’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* 32.1 Certification of Registrant’s Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 32.2 Certification of Registrant’s Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 101 The following financial statements from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 are filed herewith, formatted in XBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Income for the three -month periods ended March 31, 2025 and 2024 , (ii) the Consolidated Statements of Comprehensive Income for the three -month periods ended March 31, 2025 and 2024 , (iii) the Consolidated Balance Sheets at March 31, 2025 and December 31, 2024 , (iv) the Consolidated Statements of Changes in Equity for the three -month periods ended March 31, 2025 and 2024 , (v) the Consolidated Statements of Cash Flows for the three -month periods ended March 31, 2025 and 2024 , and (vi) the Notes to the Consolidated Financial Statements 104 The cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 , formatted in XBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101 * Filed herewith ** Furnished herewith 39 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AFFILIATED MANAGERS GROUP, INC. (Registrant) May 8, 2025 /s/ DAVA E. RITCHEA Dava E. Ritchea on behalf of the Registrant as Chief Financial Officer (and also as Principal Financial and Principal Accounting Officer) Table of Contents QuickLinks PART I—FINANCIAL INFORMATION Item 1. Financial Statements AFFILIATED MANAGERS GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) (unaudited) AFFILIATED MANAGERS GROUP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) AFFILIATED MANAGERS GROUP, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in millions) (unaudited) AFFILIATED MANAGERS GROUP, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in millions) (unaudited) AFFILIATED MANAGERS GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) AFFILIATED MANAGERS GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures PART II—OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Item 6. Exhibits EXHIBIT INDEX SIGNATURES