AMG Reports Financial and Operating Results for the First Quarter of 2007

Company Reports EPS of $0.93; Cash EPS of $1.43

Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended March 31, 2007.

Cash Earnings Per Share (“Cash EPS”) for the first quarter of 2007 were $1.43, compared to $1.27 for the first quarter of 2006, while diluted earnings per share for the first quarter of 2007 were $0.93, compared to $0.81 for the same period of 2006. Cash Net Income was $55.4 million for the first quarter of 2007, compared to $52.8 million for the first quarter of 2006. Net Income for the first quarter of 2007 was $36.6 million, compared to $35.2 million for the first quarter of 2006. (Cash EPS and Cash Net Income are defined in the attached tables.)

For the first quarter of 2007, revenue was $309.8 million, compared to $278.0 million for the first quarter of 2006. EBITDA for the first quarter of 2007 was $89.1 million, compared to $78.5 million for the same period of 2006.

Net client cash flows for the first quarter of 2007 were approximately $1.9 billion, with net flows in the institutional, mutual fund, and high net worth channels of $2.2 billion, $133 million, and $(446) million, respectively. These aggregate net client cash flows resulted in an increase of approximately $2.0 million to AMG’s annualized EBITDA. The aggregate assets under management of AMG’s affiliated investment management firms at March 31, 2007 were approximately $250 billion.

“AMG generated strong earnings growth during the first quarter, with solid results across our Affiliate group. Year over year, assets under management grew by 23%, to approximately $250 billion, with organic growth contributing $34 billion, or 17%, including $7.4 billion in the first quarter,” stated Sean M. Healey, President and Chief Executive Officer of AMG. “AMG is well-positioned for strong results going forward, especially in high-growth areas such as alternative investments and international equities.”

Mr. Healey continued, “Our Affiliates’ alternative products had excellent performance during the quarter, and we expect that alternative investments will continue to be among our fastest-growing product areas. AQR and First Quadrant, two of the industry’s leading quantitative managers, both produced outstanding results in the first quarter, and continue to generate substantial new business. We also had excellent results from our international equities, where Affiliates such as Tweedy, Browne and Genesis achieved solid investment returns in their global and emerging markets equities products, respectively. Performance was strong in domestic equity products as well, as managers such as Third Avenue and Friess Associates continued to outperform their peers and benchmarks.”

Mr. Healey concluded, “We are making significant progress in executing our new investment strategy and have a strong pipeline of investment opportunities. With an expanded new investments team in place and substantial financial capacity, we are well-positioned to capitalize on a broad set of investment opportunities.”

AMG is an asset management company with equity investments in a diverse group of boutique investment management firms. AMG’s strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. AMG’s innovative transaction structure allows individual members of each Affiliate’s management team to retain or receive significant direct equity ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG’s filings with the Securities and Exchange Commission. Reference is hereby made to the “Cautionary Statements” set forth in the Company’s Form 10-K for the year ended December 31, 2006.