Affiliated Managers acquisition history

Systematic Financial Management is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1995-05, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Skyline Asset Management is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1995-08, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Renaissance Investment Management is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1995-11, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

First Quadrant is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1996-03, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Gofen and Glossberg is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1997-05, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

GeoCapital is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1997-09, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Tweedy, Browne Company is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1997-10, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Essex Investment Management is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 1998-03, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

Frontier Capital Management is one of the mid-sized investment management firms in which AMG acquired an equity interest as a founding-era Affiliate (date of investment 2000-01, per AMG's FY2000 Form 10-K). AMG typically acquired a majority or substantial equity interest while the firm's principals retained meaningful ownership and full operating autonomy under AMG's succession-planning partnership structure. Individual deal terms were not disclosed.

AMG acquired a majority equity interest in Friess Associates, the Greenville, Delaware growth-equity manager best known as advisor to the Brandywine Fund, with approximately $7.1 billion in assets under management. Founded in 1974 by Foster and Lynn Friess, the firm ran a growth discipline targeting companies growing earnings at least 20% annually. AMG later raised its stake to 70% in November 2004 by purchasing an additional 19% interest from founder Foster Friess.

We are very pleased to form a partnership with Friess Associates and its excellent management team. Widely recognized as one of the leading growth equity managers in the industry, Friess Associates has an outstanding long-term investment record.William J. Nutt — Chairman and Chief Executive Officer, AMG

AMG agreed to acquire a majority (60%) equity interest in Welch & Forbes, a Boston-based investment manager established in 1838 with over $4.2 billion in assets under management providing customized investment advisory and fiduciary services to personal trusts, high-net-worth families and charitable foundations. Welch & Forbes' principals retained 40% and continued to run day-to-day operations under long-term employment agreements. Financial terms were not disclosed.

We are very pleased to welcome Welch & Forbes to AMG's family of Affiliates. We have been very impressed by Welch & Forbes' management team and the strong relationships they have with their clients.William J. Nutt — Chairman and Chief Executive Officer, AMG

In March 2004 AMG acquired the retail mutual fund business of Conseco Capital Management, Inc., folding it into its Managers Investment Group retail distribution platform.

In March 2004, we acquired the retail mutual fund business of Conseco Capital Management, Inc.Affiliated Managers Group — FY2004 Form 10-K

In June 2004 AMG acquired a majority equity interest in Genesis Fund Managers, LLP, an emerging-markets equity specialist managing roughly $10.8 billion with offices in London, Guernsey and Chile.

In June 2004, we acquired a majority equity interest in Genesis Fund Managers, LLP ("Genesis").Affiliated Managers Group — FY2004 Form 10-K

AMG and the TimesSquare management team acquired the growth-equity investment advisory business of TimesSquare Capital Management, a unit of CIGNA Corporation, carving it out into a new firm, TimesSquare Capital Management, LLC. AMG took an approximately 60% interest with the management team holding roughly 40% and directing day-to-day operations as an independent Affiliate. The business managed about $5.0 billion for roughly 90 institutional clients in growth-oriented small- and mid-cap products.

We are very pleased to announce our partnership with the TimesSquare management team.Sean M. Healey — President and Chief Operating Officer, AMG

AMG acquired an equity interest in AQR Capital Management, the Greenwich, Connecticut quantitative investment manager and hedge fund firm founded in 1998 by Clifford Asness, David Kabiller, Robert Krail and John Liew. At the time AQR managed approximately $12 billion (over $6.5 billion in hedge fund products) across roughly 17 distinct strategies for more than 500 institutional and high-net-worth clients. AQR's management retained the remaining equity and full operating autonomy.

AMG acquired approximately $3 billion of assets under management from Fremont Investment Advisors, Inc. - the Fremont Funds family of twelve no-load mutual funds - which were brought onto its Managers platform (closed January 2005).

we acquired approximately $3 billion of assets under management from Fremont Investment Advisors, Inc. ("FIA").Affiliated Managers Group — FY2004 Form 10-K

AMG agreed to acquire equity interests in six leading mid-sized Canadian asset managers through the acquisition of First Asset Management Inc. for approximately US$250 million. The six firms - Foyston, Gordon & Payne; Beutel, Goodman & Company; Montrusco Bolton Investments; Deans Knight Capital Management; Triax Capital; and Covington Capital - collectively managed about US$23 billion across roughly 100 products for institutional and high-net-worth clients in Toronto, Montreal and Vancouver.

AMG completed the acquisition of an approximately 60% equity interest in Chicago Equity Partners, LLC, an institutional manager with about $12.0 billion in assets using a systematic investment process across domestic equity and fixed income products. Nine key CEP professionals, including the five founding partners, retained roughly 40% and continued to run the firm. CEP had grown assets at a 27% compound annual rate since 2002.

In November 2007 AMG acquired a minority interest in ValueAct Capital, a San Francisco-based activist and alternative investment firm.

In November 2007, we acquired a minority interest in ValueAct Capital ("ValueAct").Affiliated Managers Group — FY2007 Form 10-K

AMG acquired an equity interest in BlueMountain Capital Management, a New York- and London-based global credit alternatives manager specializing in relative-value strategies across corporate loan, bond, credit and equity derivatives markets. Founded in 2003 by Andrew Feldstein and Stephen Siderow, BlueMountain managed $4.8 billion (grown at a 26% CAGR over three years) with a team of more than 100 professionals. Management retained a majority of the equity and operating autonomy.

AMG, in partnership with the management team, completed its investment in Gannett Welsh & Kotler, LLC, acquiring the Boston-based manager from The Bank of New York Mellon. GW&K managed more than $7 billion across municipal bonds, taxable bonds and multi-/small-cap equities for private and institutional clients and two mutual funds. A broad group of GW&K professionals took equity in the firm and signed long-term employment agreements.

In November 2009 AMG acquired a five percent stake in Value Partners Group Limited, a Hong Kong-listed Asian investment boutique managing about $5 billion.

In November 2009, we acquired a five percent stake in Value Partners Group Limited ("Value Partners").Affiliated Managers Group — FY2009 Form 10-K

AMG partnered with Harding Loevner, a global and international equity manager. Originally agreed before the 2008 financial crisis, the parties announced a restructured, postponed transaction in January 2009 with an option to complete in the second half of 2009 on consistent terms, preserving management's substantial equity ownership and autonomy; the investment was completed later in 2009.

As a leading global equities manager with an outstanding array of outperforming products relative to peers and benchmarks, Harding Loevner has strong prospects for long-term growth, and we remain enthusiastic about a partnership with the firm.Sean M. Healey — President and Chief Executive Officer, AMG

AMG's investment approach will allow us to maintain our independence and manage the business in the best interests of our clients, and for these reasons we continue to regard AMG as an excellent partner.David Loevner — Chief Executive Officer, Harding Loevner

On March 15, 2010 AMG completed its investment in Artemis Investment Management, a leading UK active manager serving retail and institutional clients with roughly $16 billion under management.

On March 15, 2010, we completed our investment in Artemis Investment Management Ltd ("Artemis").Affiliated Managers Group — FY2010 Form 10-K

On April 15, 2010 AMG completed its investment in Aston Asset Management LLC through the acquisition of Highbury Financial Inc., a Chicago manager of sub-advised mutual funds. The deal was financed with roughly 1.7 million AMG shares.

we completed our investment in Aston Asset Management LLC through the acquisition of Highbury Financial Inc.Affiliated Managers Group — FY2010 Form 10-K

AMG acquired the business of Pantheon Ventures from Russell Investments (a Northwestern Mutual subsidiary) for approximately $775 million in cash, with potential additional contingent payments over five years tied to Pantheon's growth. Pantheon is a leading global private equity fund-of-funds manager with about $22 billion under management for over 300 clients across offices in London, San Francisco, New York and Hong Kong. Management took a meaningful stake and continued to run the firm. approximately $775 million.

On December 3, 2010 AMG completed its investment in Trilogy Global Advisors, LLC, a manager of emerging- and global-market equity strategies.

On December 3, 2010, we completed our investment in Trilogy Global Advisors, LLC ("Trilogy").Affiliated Managers Group — FY2010 Form 10-K

On June 29, 2012 AMG completed its investment in Veritable, LP, an ultra-high-net-worth wealth manager, through its AMG Wealth Partners platform.

On June 29, 2012, we completed our investment in Veritable, LP ("Veritable") through AMG Wealth Partners.Affiliated Managers Group — FY2012 Form 10-K

On June 29, 2012 AMG completed its investment in Yacktman Asset Management LP, a disciplined large-cap value equity manager.

On June 29, 2012, we completed our investment in Yacktman Asset Management LP ("Yacktman").Affiliated Managers Group — FY2012 Form 10-K

AMG completed a majority investment in SouthernSun Asset Management, LLC on March 31, 2014, a research-intensive manager of concentrated, long-term equity portfolios (announced December 2013).

SouthernSun ... was completed on March 31, 2014Affiliated Managers Group — FY2014 Form 10-K

On April 1, 2014 AMG completed a minority investment in EIG Global Energy Partners, LLC, a specialist in energy and infrastructure private markets; roughly $215.2 million of the purchase price was allocated to acquired client relationships.

On April 1, 2014, the Company completed its investment in EIG Global Energy Partners, LLC ("EIG").Affiliated Managers Group — FY2014 Form 10-K

AMG completed its majority investment in River Road Asset Management, LLC on June 30, 2014, a US equity manager.

River Road Asset Management, LLC ("River Road") was completed on June 30, 2014Affiliated Managers Group — FY2014 Form 10-K

AMG completed its majority investment in Veritas Asset Management, LLP on October 31, 2014, a global and Asian equity manager.

Veritas Asset Management, LLP ("Veritas") was completed on October 31, 2014Affiliated Managers Group — FY2014 Form 10-K

On April 1, 2015 AMG completed a majority investment in Baker Street Advisors, LLC, a wealth management firm.

completed majority investments in Baker Street Advisors, LLC on April 1, 2015Affiliated Managers Group — FY2015 Form 10-K

On October 1, 2015 AMG completed a majority investment in myCIO Wealth Partners, LLC, a wealth management firm.

myCIO Wealth Partners, LLC on October 1, 2015Affiliated Managers Group — FY2015 Form 10-K

On December 18, 2015 AMG completed a minority investment in Abax Investments (Pty) Ltd, a South African investment manager.

completed minority investments in Abax Investments (Pty) Ltd on December 18, 2015Affiliated Managers Group — FY2015 Form 10-K

On December 31, 2015 AMG completed a minority investment in Ivory Investment Management, L.P., an equity manager.

Ivory Investment Management, L.P. on December 31, 2015Affiliated Managers Group — FY2015 Form 10-K

AMG made a minority investment in Baring Private Equity Asia (BPEA) in 2016. Founded by Jean Eric Salata in 1997, BPEA is one of the largest independent private equity firms in Asia, focused on growth investments and management buyouts. With AMG's global distribution and strategic support, BPEA's assets under management more than tripled; in March 2022 AMG agreed to sell its minority interest to EQT AB as part of BPEA's strategic combination with EQT, a successful culmination of the partnership. (Date reflects the year of investment as disclosed in AMG's 2022 8-K; exact 2016 close date not specified.)

We chose to partner with AMG because of the firm's unique partnership model and core tenets of investment independence, operational autonomy, and alignment of interests.Jean Eric Salata — Founder and Chief Executive Officer, BPEA

On January 4, 2016 AMG completed a minority investment in Systematica Investments L.P., a technology-driven systematic investment manager.

completed minority investments in Systematica Investments L.P. and Baring Private Equity AsiaAffiliated Managers Group — FY2016 Form 10-K

On July 1, 2016 AMG completed a minority investment in Capula Investment Management LLP, an absolute-return and fixed-income specialist.

completed minority investments in Capula Investment Management LLP ... on July 1, 2016Affiliated Managers Group — FY2016 Form 10-K

On July 1, 2016 AMG completed a minority investment in Mount Lucas Management LP.

Capula Investment Management, LLP, Mount Lucas Management LP and Capeview Capital LLP, all of which closed on July 1, 2016Affiliated Managers Group — FY2016 Form 10-K

On July 1, 2016 AMG completed a minority investment in CapeView Capital LLP.

CapeView Capital LLP on July 1, 2016Affiliated Managers Group — FY2016 Form 10-K

On September 30, 2016 AMG completed a minority investment in Partner Fund Management, L.P.

Partner Fund Management, L.P. on September 30, 2016Affiliated Managers Group — FY2016 Form 10-K

On October 4, 2016 AMG completed a minority investment in Winton Group Ltd., a systematic quantitative investment manager.

Winton Group Ltd. on October 4, 2016Affiliated Managers Group — FY2016 Form 10-K

On January 5, 2017 AMG completed a minority investment in Forbes Family Trust, a wealth management firm (disclosed as a subsequent event in the FY2016 10-K).

On January 5, 2017, the Company completed a minority investment in Forbes Family TrustAffiliated Managers Group — FY2016 Form 10-K

On July 5, 2019 AMG completed a minority investment in Garda Capital Partners LP, an alternatives firm focused on fixed-income relative-value strategies.

On July 5, 2019, we completed our investment in Garda Capital Partners LP ("Garda").Affiliated Managers Group — FY2019 Form 10-K

During 2020 AMG completed a minority investment in Inclusive Capital Partners LP, a newly founded firm focused on 'responsible capitalism' and ESG/impact investing.

Inclusive Capital Partners LP, a newly founded investment firm focused on responsible capitalismAffiliated Managers Group — FY2020 Form 10-K

During 2020 AMG completed a minority investment in Jackson Square Partners LLC, a manager specializing in long-only, growth-oriented equity strategies.

Jackson Square Partners LLC, an investment manager specializing in long-only, growth-oriented equity strategiesAffiliated Managers Group — FY2020 Form 10-K

AMG completed a minority investment in Comvest Partners, a leading middle-market private equity and credit investment firm (completion announced February 18, 2020).

we completed minority investments in Comvest Partners, a leading middle-market private equity and credit investment firmAffiliated Managers Group — FY2020 Form 10-K

During 2021 AMG completed a majority investment in Abacus Capital Group LLC, a US real estate investment firm.

Abacus Capital Group LLC, a high-quality real estate investment firm focused on the UAffiliated Managers Group — FY2021 Form 10-K

On February 1, 2021 AMG completed a minority investment in Boston Common Asset Management LLC, a women-owned leader in sustainable and impact investing (disclosed in the FY2020 10-K).

On February 1, 2021, we completed a minority investment in Boston Common Asset Management LLC, a women-owned leader in sustainable and impact investingAffiliated Managers Group — FY2020 Form 10-K

On October 1, 2021 AMG completed a majority investment in Parnassus Investments, a leading independent ESG-dedicated fund manager and AMG's largest ESG platform.

we completed majority investments in Parnassus Investments, a leading independent ESG-dedicated fund managerAffiliated Managers Group — FY2021 Form 10-K

In the fourth quarter of 2022 AMG completed a minority investment in Peppertree Capital Management, Inc., a private markets firm specializing in communications infrastructure.

we completed a minority investment in Peppertree Capital Management, Inc. ("Peppertree"), a private markets firm specializing in communications infrastructureAffiliated Managers Group — FY2022 Form 10-K

During 2023 AMG completed a minority investment in Forbion Group Holding B.V., a private markets firm investing in high-quality life sciences companies.

we completed a minority investment in Forbion Group Holding B.V., a private markets firm focused on investing in high-quality life sciences companiesAffiliated Managers Group — FY2023 Form 10-K

In the fourth quarter of 2023 AMG completed a minority investment in Ara Partners Group, LLC, a private markets firm specializing in industrial decarbonization.

we completed a minority investment in Ara Partners Group, LLC, a private markets firm specializing in industrial decarbonizationAffiliated Managers Group — FY2023 Form 10-K

In the second quarter of 2024 AMG completed a minority investment in Suma Capital, a pan-European private markets firm investing in the transition to a lower-carbon economy.

the Company completed its minority investment in Suma Capital ("Suma"), a pan-European private markets firm that invests in the transition to a lower carbon economyAffiliated Managers Group — FY2024 Form 10-K

AMG completed a minority investment in NorthBridge Partners, LLC, a private markets firm focused on industrial logistics real estate (completion announced February 6, 2025).

On February 6, 2025, we announced the completion of our minority investment in NorthBridge Partners, LLC ("NorthBridge").Affiliated Managers Group — FY2024 Form 10-K

In the second quarter of 2025 AMG completed a minority investment in Verition Fund Management LLC, a global multi-strategy investment firm.

we completed our minority investment in Verition Fund Management LLC ("Verition"), a global multi-strategy investment firmAffiliated Managers Group — FY2025 Form 10-K

In the fourth quarter of 2025 AMG completed a minority investment in Montefiore Investment, a European private equity firm focused on the services sector.

we completed our minority investments in Montefiore Investment ("Montefiore"), a European private equity firm focused on the services sectorAffiliated Managers Group — FY2025 Form 10-K

In the fourth quarter of 2025 AMG completed a minority investment in Qualitas Energy, a renewables-focused global infrastructure manager specializing in the energy transition.

Qualitas Energy, a renewables-focused global infrastructure manager specializing in energy transitionAffiliated Managers Group — FY2025 Form 10-K

AMG formed a strategic partnership with Brown Brothers Harriman to acquire a minority equity interest in BBH Credit Partners, a new BBH subsidiary managing structured and alternative credit (completed January 2026, disclosed in the FY2025 10-K).

a strategic partnership with BBH ... to acquire a minority equity interest in BBH Credit Partners ... The transaction was completed in January 2026Affiliated Managers Group — FY2025 Form 10-K