Affiliated Managers Group (AMG): what its 10-K says it depends on

Suppliers

Cloud storage and e-mail service providers

depends onnamed as a risk

Further, we and our Affiliates rely on third parties for certain aspects of our respective businesses, including financial intermediaries, providers of technology infrastructure, and other service providers such as broker-dealers, custodians, administrators and other agents, as well as accounting, legal, and other professional advisors, and these parties are susceptible to similar risks, which risks are further heightened by the concentration of certain key services such as cloud storage and e-mail services with certain third-party service providers, which have experienced outages.Risk factors (Item 1A)

Other companies

Moody's Investors Service

A3named as a risk

We are currently rated A3 by Moody’s Investors Service and BBB+ by S&P Global Ratings.Risk factors (Item 1A)

Also named by KHC, STT

S&P Global Ratings

BBB+named as a risk

We are currently rated A3 by Moody’s Investors Service and BBB+ by S&P Global Ratings.Risk factors (Item 1A)

Also named by LNC, MSTR

Competitors

Passively managed products and ETFs

competes withnamed as a risk

Our Affiliates’ ability to grow or maintain current fee levels depends on a number of factors, including our Affiliates’ investment performance, as well as competition and trends in the investment management industry, such as investor demand for passively-managed products, including index and exchange traded funds, that typically carry lower fee rates, or preferences for other developing strategies or trends.Risk factors (Item 1A)

Places

U.S. wealth market

earns from

Accessing the attractive and growing U.S. wealth marketplace is challenging for independent managers to effectively do on their own, at scale; leveraging AMG’s dedicated resources and coordinated strategy across key distribution channels has been essential to the successful launch and sustainable growth of our Affiliates’ new alternative products for the U.S. wealth market.Business (Item 1)

Commodities and inputs

Euro

exposed to its price · $4.8 millionnamed as a risk

To illustrate the effect of possible changes in foreign currency exchange rates, we estimate a 1% change in the pound sterling, Canadian dollar, and euro to U.S. dollar exchange rates would have resulted in an $8.4 million, $1.9 million, and $4.8 million change to stockholders’ equity, respectively, primarily based on the December 31, 2025 carrying value of Affiliates whose functional currency is the pound sterling, Canadian dollar, or the euro.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMGN, AMP and 186 more

Canadian dollar

exposed to its price · $1.9 millionnamed as a risk

To illustrate the effect of possible changes in foreign currency exchange rates, we estimate a 1% change in the pound sterling, Canadian dollar, and euro to U.S. dollar exchange rates would have resulted in an $8.4 million, $1.9 million, and $4.8 million change to stockholders’ equity, respectively, primarily based on the December 31, 2025 carrying value of Affiliates whose functional currency is the pound sterling, Canadian dollar, or the euro.Market risk (Item 7A)

Also named by ABBV, ADBE, AYI, BBY, BWXT, CBRE, CDRE, CDW and 67 more

British pound sterling

exposed to its price · $8.4 millionnamed as a risk

To illustrate the effect of possible changes in foreign currency exchange rates, we estimate a 1% change in the pound sterling, Canadian dollar, and euro to U.S. dollar exchange rates would have resulted in an $8.4 million, $1.9 million, and $4.8 million change to stockholders’ equity, respectively, primarily based on the December 31, 2025 carrying value of Affiliates whose functional currency is the pound sterling, Canadian dollar, or the euro.Market risk (Item 7A)

Also named by BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS, FSK and 31 more

Secured Overnight Financing Rate (SOFR)

exposed to its price

We pay a variable rate of interest on any outstanding obligations under our revolver at specified rates, based either on an applicable term Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% or prime rate, plus a marginal rate determined based on our credit rating.Market risk (Item 7A)

Also named by ABR, ADBE, AGM, ARCC, BCSF, BRO, CAT, CGBD and 21 more

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

In the U.S., the SEC has focused its enforcement, examination, and rulemaking activities on issues relevant to alternative asset management firms, including consistent application of the methodology, disclosure, and conflicts of interest related to the valuation of private funds to increase transparency and accountability.Risk factors (Item 1A)

Also named by AB, ADSK, AMP, ARCC, ARES, BAM, BCSF, BEN and 44 more

U.S. Commodity Futures Trading Commission (CFTC)

subject to

Certain of our Affiliates and our U.S. wealth distribution subsidiary are also members of the National Futures Association and are regulated by the U.S. Commodity Futures Trading Commission (“CFTC”) with respect to the management of funds and other products that utilize futures, swaps, or other CFTC-regulated instruments.Business (Item 1)

Also named by AB, ADM, AGNC, BAC, BGC, BMNR, C, CBOE and 35 more

Financial Industry Regulatory Authority (FINRA)

subject to

In addition, certain of our Affiliates and our U.S. wealth broker-dealer subsidiary are registered broker-dealers and members of the Financial Industry Regulatory Authority (“FINRA”), for the purpose of distributing funds or other products.Business (Item 1)

Also named by AB, ADP, AGNC, AMP, BAM, BEN, BR, BWIN and 23 more

Financial Conduct Authority (FCA)

subject to

In the UK, our institutional distribution subsidiary is regulated by the FCA.Business (Item 1)

Also named by AFRM, AJG, AMP, BGC, BRO, CBOE, COF, CPAY and 17 more

U.S. Department of Labor

subject to

The U.S. Department of Labor administers ERISA and regulates investment advisers who service retirement plan clients, and has been increasingly active in proposing and adopting additional regulations applicable to the investment management industry.Business (Item 1)

Also named by ADP, BBSI, FLO, HCC, MRSH, PAYX, PFG, TROW and 1 more

Dubai Financial Services Authority

subject to

We also have an institutional distribution branch of a subsidiary regulated by the Dubai Financial Services Authority, and any activities in the European Union are subject to compliance with applicable regulations in various European jurisdictions.Business (Item 1)

Laws and programs

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

Further, government and regulatory oversight of data privacy in particular has become a priority for regulators around the world, including as examples, through the EU’s General Data Protection Regulation and the California Privacy Rights Act, resulting in heightened data security and handling requirements, increased enforcement risk and fines, increased compliance costs, and expanded incident response, reporting, and notification obligations.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, ANET, APG, AXON, BAX and 61 more

Investment Company Act of 1940

subject tonamed as a risk

In that case, absent client consents, the Affiliate’s management agreements may be deemed to be “assigned” in violation of the agreement and, for mutual fund clients, will terminate.Risk factors (Item 1A)

Also named by ABR, AMP, ARCC, ARES, BAM, BCSF, BEN, BX and 28 more

EU Artificial Intelligence Act

subject tonamed as a risk

For example, the European Union (the “EU”) has enacted the Artificial Intelligence Act, and various other jurisdictions have proposed or finalized laws and regulations that created, or have the potential to create, regulatory risk around the use of AI or could restrict or eliminate our and our Affiliates’ ability to use certain AI tools.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, APP, AVAV, BKNG and 24 more

Investment Advisers Act of 1940

subject tonamed as a risk

The majority of our Affiliates are registered with the SEC as investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).Business (Item 1)

Also named by ABR, BAM, BEN, BX, CG, HTGC, KKR, MAIN and 3 more

Employee Retirement Income Security Act of 1974 (ERISA)

subject to

Certain of our Affiliates and our U.S. wealth distribution subsidiary are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and related regulations, with respect to retirement plan clients.Business (Item 1)

Also named by APO, LMT, MYRG, TROW

Alternative Investment Fund Managers Directive (AIFMD)

subject to

Many of our Affiliates are also subject to directives and regulations in the European Union and other jurisdictions relating to funds, such as the UCITS Directive and the Alternative Investment Fund Managers Directive, with respect to depositary functions, remuneration policies, and sanctions, among other matters.Business (Item 1)

Also named by ARES, CG

UCITS Directive

subject to

Many of our Affiliates are also subject to directives and regulations in the European Union and other jurisdictions relating to funds, such as the UCITS Directive and the Alternative Investment Fund Managers Directive, with respect to depositary functions, remuneration policies, and sanctions, among other matters.Business (Item 1)

Also named by BEN

H. Con. Res. 14 reconciliation act (2025)

subject to

Although the Act is not expected to have a material impact on our net income and cash flows, any future tax reform proposals, if ultimately enacted into legislation, could materially impact our tax provision, deferred tax assets, and tax liabilities, or impact decisions on how to return value to stockholders in the most efficient manner.Risk factors (Item 1A)