Affiliated Managers Group (NYSE: AMG) reported Q1 EPS of $3.26, $0.18 better than the analyst estimate of $3.08. Revenue for the quarter came in at $507.3 million versus the consensus estimate of $496.34 million.

• Continue to address the impact of the COVID-19 pandemic on AMG's Affiliates, business, employees, and surrounding communities — including supporting the relief efforts of local healthcare systems
• Ongoing execution of long-term growth strategy during the quarter: completed partnership with Comvest Capital Partners and announced strategic relationship with iCapital
• Capitalized on balance sheet strength and flexibility: repurchased $70 million in common stock in Q1 and plan to reallocate $50 million of capital toward share repurchases, in lieu of dividend payments, over the balance of 2020

Jay C. Horgen, President and Chief Executive Officer of AMG, said:“Our most critical focus is addressing the ongoing impact of the COVID-19 pandemic on our community and across all aspects of our business — above all, its effects on the individuals and families at AMG and our Affiliates. Amid unprecedented market uncertainty and volatility, our business and Affiliates remain resilient. AMG reported Economic earnings per share of $3.16 and net client cash flows of $(13.8) billion, driven by certain quantitative strategies across liquid alternatives and long-only equities. During the quarter, we continued to execute on our long-term strategy, and completed an investment in Comvest Capital Partners, a leading middle-market private equity and private credit firm, and announced a strategic relationship with iCapital, a technology-enabled platform delivering alternative investments to high net worth clients.

“Given the diversity of our independent boutique Affiliates, the alignment of our Affiliate partners, and our unique partnership structure, AMG is positioned to not only weather the most challenging times, but to excel in those periods. As owners of their businesses, independent active managers are directly aligned with their clients, and have proven over the long term to outperform both passive indexing and captive peers, particularly in periods of market volatility. AMG's business model provides financial stability amid market and industry headwinds, and with our strong and flexible balance sheet, we are well-positioned to invest in attractive growth opportunities to create long-term shareholder value.”

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