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of Contents](#ibfa0590d77ac4199aa63edb4b8813f49_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________________________________________________\n\nFORM 10-K\n\n(Mark One)\n\n \n\n \n\n☒\n\n \n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE\n\nSECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐\n\n \n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE\n\nSECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from            to\n\nCommission File Number 001-13459\n\n__________________________________________________________________________\n\nAFFILIATED MANAGERS GROUP, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n \n\n04-3218510\n\n(State or other jurisdiction\n\nof incorporation or organization)\n\n(IRS Employer Identification Number)\n\n777 South Flagler Drive, West Palm Beach, Florida, 33401\n\n(Address of principal executive offices)\n\n(800) 345-1100\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock ($0.01 par value)\n\nAMG\n\nNew York Stock Exchange\n\n5.875% Junior Subordinated Notes due 2059\n\nMGR\n\nNew York Stock Exchange\n\n4.750% Junior Subordinated Notes due 2060\n\nMGRB\n\nNew York Stock Exchange\n\n4.200% Junior Subordinated Notes due 2061\n\nMGRD\n\nNew York Stock Exchange\n\n6.750% Junior Subordinated Notes due 2064\n\nMGRE\n\nNew York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act:\n\n[Table of Contents](#ibfa0590d77ac4199aa63edb4b8813f49_7)\n\nNone\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities\n\nAct. Yes ☒    No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the\n\nAct. Yes ☐    No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the\n\nSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to\n\nfile such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be\n\nsubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such\n\nshorter period that the registrant was required to submit such files). Yes ☒    No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a\n\nsmaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☒\n\n \n\nAccelerated filer\n\n☐\n\n \n\nNon-accelerated filer\n\n☐\n\n \n\nSmaller reporting \n\ncompany\n\n☐\n\nEmerging growth\n\ncompany\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition\n\nperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the\n\nExchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the\n\neffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.\n\n7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements\n\nof the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of\n\nincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period\n\npursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐    No ☒\n\nAt June 30, 2025, the aggregate market value of the common stock held by non-affiliates of the registrant, based upon\n\nthe closing price of $196.77 on June 30, 2025 on the New York Stock Exchange, was $5,442,489,568.  There were 26,684,730\n\nshares of the registrant’s common stock outstanding on February 12, 2026.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within\n\n120 days after December 31, 2025, and delivered to stockholders in connection with the registrant’s annual meeting of\n\nstockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K.\n\ni\n\n[Table of Contents](#ibfa0590d77ac4199aa63edb4b8813f49_7)\n\nFORM 10-K\n\nTABLE OF CONTENTS\n\n[PART I](#ibfa0590d77ac4199aa63edb4b8813f49_10)\n\n \n\n \n\n[1](#ibfa0590d77ac4199aa63edb4b8813f49_10)\n\n[Item 1.](#ibfa0590d77ac4199aa63edb4b8813f49_16)\n\n \n\n[Business](#ibfa0590d77ac4199aa63edb4b8813f49_16)\n\n \n\n[1](#ibfa0590d77ac4199aa63edb4b8813f49_16)\n\n[Item 1A.](#ibfa0590d77ac4199aa63edb4b8813f49_43)\n\n \n\n[Risk Factors](#ibfa0590d77ac4199aa63edb4b8813f49_43)\n\n \n\n[8](#ibfa0590d77ac4199aa63edb4b8813f49_43)\n\n[Item 1B.](#ibfa0590d77ac4199aa63edb4b8813f49_46)\n\n \n\n[Unresolved Staff Comments](#ibfa0590d77ac4199aa63edb4b8813f49_46)\n\n \n\n[19](#ibfa0590d77ac4199aa63edb4b8813f49_46)\n\n[Item 1C.](#ibfa0590d77ac4199aa63edb4b8813f49_49)\n\n[Cybersecurity](#ibfa0590d77ac4199aa63edb4b8813f49_49)\n\n[19](#ibfa0590d77ac4199aa63edb4b8813f49_49)\n\n[Item 2.](#ibfa0590d77ac4199aa63edb4b8813f49_52)\n\n \n\n[Properties](#ibfa0590d77ac4199aa63edb4b8813f49_52)\n\n \n\n[21](#ibfa0590d77ac4199aa63edb4b8813f49_52)\n\n[Item 3.](#ibfa0590d77ac4199aa63edb4b8813f49_55)\n\n \n\n[Legal Proceedings](#ibfa0590d77ac4199aa63edb4b8813f49_55)\n\n \n\n[21](#ibfa0590d77ac4199aa63edb4b8813f49_55)\n\n[Item 4.](#ibfa0590d77ac4199aa63edb4b8813f49_58)\n\n \n\n[Mine Safety Disclosures](#ibfa0590d77ac4199aa63edb4b8813f49_58)\n\n \n\n[21](#ibfa0590d77ac4199aa63edb4b8813f49_58)\n\n[PART II](#ibfa0590d77ac4199aa63edb4b8813f49_61)\n\n \n\n \n\n \n\n [22](#ibfa0590d77ac4199aa63edb4b8813f49_61)\n\n[Item 5.](#ibfa0590d77ac4199aa63edb4b8813f49_64)\n\n \n\n[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer](#ibfa0590d77ac4199aa63edb4b8813f49_64)\n\n[Purchases of Equity Securities](#ibfa0590d77ac4199aa63edb4b8813f49_64)\n\n \n\n[22](#ibfa0590d77ac4199aa63edb4b8813f49_64)\n\n[Item 6.](#ibfa0590d77ac4199aa63edb4b8813f49_67)\n\n \n\n[[Reserved]](#ibfa0590d77ac4199aa63edb4b8813f49_67)\n\n \n\n[23](#ibfa0590d77ac4199aa63edb4b8813f49_67)\n\n[Item 7.](#ibfa0590d77ac4199aa63edb4b8813f49_70)\n\n \n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ibfa0590d77ac4199aa63edb4b8813f49_70)\n\n \n\n[24](#ibfa0590d77ac4199aa63edb4b8813f49_70)\n\n[Item 7A.](#ibfa0590d77ac4199aa63edb4b8813f49_133)\n\n \n\n[Quantitative and Qualitative Disclosures About Market Risk](#ibfa0590d77ac4199aa63edb4b8813f49_133)\n\n \n\n[40](#ibfa0590d77ac4199aa63edb4b8813f49_133)\n\n[Item 8.](#ibfa0590d77ac4199aa63edb4b8813f49_136)\n\n \n\n[Financial Statements and Supplementary Data](#ibfa0590d77ac4199aa63edb4b8813f49_136)\n\n \n\n[41](#ibfa0590d77ac4199aa63edb4b8813f49_136)\n\n[Item 9.](#ibfa0590d77ac4199aa63edb4b8813f49_238)\n\n \n\n[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#ibfa0590d77ac4199aa63edb4b8813f49_238)\n\n \n\n[83](#ibfa0590d77ac4199aa63edb4b8813f49_238)\n\n[Item 9A.](#ibfa0590d77ac4199aa63edb4b8813f49_241)\n\n \n\n[Controls and Procedures](#ibfa0590d77ac4199aa63edb4b8813f49_241)\n\n \n\n[83](#ibfa0590d77ac4199aa63edb4b8813f49_241)\n\n[Item 9B.](#ibfa0590d77ac4199aa63edb4b8813f49_244)\n\n \n\n[Other Information](#ibfa0590d77ac4199aa63edb4b8813f49_244)\n\n \n\n[83](#ibfa0590d77ac4199aa63edb4b8813f49_244)\n\n[Item 9C.](#ibfa0590d77ac4199aa63edb4b8813f49_247)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ibfa0590d77ac4199aa63edb4b8813f49_247)\n\n[83](#ibfa0590d77ac4199aa63edb4b8813f49_247)\n\n[PART III](#ibfa0590d77ac4199aa63edb4b8813f49_250)\n\n \n\n \n\n \n\n [84](#ibfa0590d77ac4199aa63edb4b8813f49_250)\n\n[Item 10.](#ibfa0590d77ac4199aa63edb4b8813f49_253)\n\n \n\n[Directors, Executive Officers and Corporate Governance](#ibfa0590d77ac4199aa63edb4b8813f49_253)\n\n \n\n[84](#ibfa0590d77ac4199aa63edb4b8813f49_253)\n\n[Item 11.](#ibfa0590d77ac4199aa63edb4b8813f49_256)\n\n \n\n[Executive Compensation](#ibfa0590d77ac4199aa63edb4b8813f49_256)\n\n \n\n[84](#ibfa0590d77ac4199aa63edb4b8813f49_256)\n\n[Item 12.](#ibfa0590d77ac4199aa63edb4b8813f49_259)\n\n \n\n[Security Ownership of Certain Beneficial Owners and Management and Related](#ibfa0590d77ac4199aa63edb4b8813f49_259)\n\n[Stockholder Matters](#ibfa0590d77ac4199aa63edb4b8813f49_259)\n\n \n\n[84](#ibfa0590d77ac4199aa63edb4b8813f49_259)\n\n[Item 13.](#ibfa0590d77ac4199aa63edb4b8813f49_262)\n\n \n\n[Certain Relationships and Related Transactions, and Director Independence](#ibfa0590d77ac4199aa63edb4b8813f49_262)\n\n \n\n[84](#ibfa0590d77ac4199aa63edb4b8813f49_262)\n\n[Item 14.](#ibfa0590d77ac4199aa63edb4b8813f49_265)\n\n \n\n[Principal Accountant Fees and Services](#ibfa0590d77ac4199aa63edb4b8813f49_265)\n\n \n\n[84](#ibfa0590d77ac4199aa63edb4b8813f49_265)\n\n[PART IV](#ibfa0590d77ac4199aa63edb4b8813f49_268)\n\n \n\n \n\n \n\n [85](#ibfa0590d77ac4199aa63edb4b8813f49_268)\n\n[Item 15.](#ibfa0590d77ac4199aa63edb4b8813f49_271)\n\n \n\n[Exhibit and Financial Statement Schedules](#ibfa0590d77ac4199aa63edb4b8813f49_271)\n\n \n\n[85](#ibfa0590d77ac4199aa63edb4b8813f49_271)\n\n[Item 16.](#ibfa0590d77ac4199aa63edb4b8813f49_274)\n\n[Form 10-K Summary](#ibfa0590d77ac4199aa63edb4b8813f49_274)\n\n[85](#ibfa0590d77ac4199aa63edb4b8813f49_274)\n\n[SIGNATURES](#ibfa0590d77ac4199aa63edb4b8813f49_280)\n\n[89](#ibfa0590d77ac4199aa63edb4b8813f49_280)\n\n1\n\n[Table of Contents](#ibfa0590d77ac4199aa63edb4b8813f49_7)\n\nPART I\n\nForward-Looking Statements\n\nCertain matters discussed in this Annual Report on Form 10-K, in our other filings with the Securities and Exchange\n\nCommission (the “SEC”), in our press releases, and in oral statements made with the approval of an executive officer may\n\nconstitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  These\n\nstatements include, but are not limited to, statements related to our expectations regarding the performance of our business,\n\nour financial results, our liquidity and capital resources, and other non-historical statements, and may be prefaced with words\n\nsuch as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,”\n\n“seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending\n\ninvestments,” “anticipates,” or the negative version of these words or other comparable words.  Such statements are subject to\n\ncertain risks and uncertainties, including, among others, the factors discussed under the caption “Item 1A. Risk Factors.” \n\nThese factors (among others) could affect our financial condition, business activities, results of operations, cash flows, or\n\noverall financial performance and cause actual results and business activities to differ materially from historical periods and\n\nthose presently anticipated and projected.  Forward-looking statements speak only as of the date they are made, and we will not\n\nundertake and we specifically disclaim any obligation to release publicly the result of any revisions that may be made to any\n\nforward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of\n\nevents, whether or not anticipated.  In that respect, we caution readers not to place undue reliance on any such forward-\n\nlooking statements. \n\nReferences throughout this report to “AMG,” “we,” “us,” “our,” the “Company,” and similar references refer to\n\nAffiliated Managers Group, Inc., unless otherwise stated or the context otherwise requires."}