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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 21, 1999
AFFILIATED MANAGERS GROUP, INC.
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(Exact name of Registrant as specified in charter)
Delaware 001-13459 043218510
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
Two International Place, 23rd Floor, Boston, MA 02110
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(Address of principal executive offices) (Zip code)
(617) 747-3300
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(Registrant's telephone number, including area code)
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Item 5. Other Events
On October 21, 1999 Affiliated Managers Group, Inc. issued a press release
in the form attached hereto as Exhibit 99.1, which press release is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of Affiliated Managers Group, Inc. issued on
October 21, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AFFILIATED MANAGERS GROUP, INC.
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(Registrant)
Date: November 4, 1999 /s/ Darrell W. Crate
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DARRELL W. CRATE
Senior Vice President,
Chief Financial Officer and Treasurer
(and also as Principal Financial and
Accounting Officer)
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EXHIBIT 99.1
[Letterhead of Affiliated Managers Group, Inc.]
AMG ANNOUNCES SHARE REPURCHASE PROGRAM
BOSTON, MA, October 21, 1999--Affiliated Managers Group, Inc. (NYSE:AMG), an
asset management holding company, today reported that its Board of Directors
had authorized a share repurchase program pursuant to which AMG could
repurchase up to five percent of AMG's issued and outstanding shares of
common stock.
The purchases would be effected in open market transactions, with the timing
of purchases and the amount of stock purchased determined at the discretion of
AMG's management.
William J. Nutt, AMG's Chairman and CEO, said, "We believe AMG's prospects
are excellent - both in terms of our pipeline of potential investments in new
Affiliates and the business outlook for our current group of Affiliates. We do
not intend to institute a regular repurchase program over the longer term, but
at current values, we believe AMG stock represents an exceptional investment
opportunity for our company." Mr. Nutt continued, "Through our strong recurring
cash flow and capacity under our senior revolver, we have the financial
flexibility to take advantage of share repurchase opportunities like this one,
as we have done in the past, while continuing to build long-term shareholder
value through accretive investments in new Affiliates."
AMG addresses the succession and transition issues facing the principals of
growing mid-sized investment management firms. The Company's strategy is to
generate growth through investments in new Affiliates, as well as through the
internal growth of its existing Affiliates. AMG's innovative transaction
structure allows individual members of each Affiliate's management to retain or
receive significant direct 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.
To date, AMG has made investments in 15 Affiliates, including one pending
transaction. These Affiliates collectively managed approximately $74 billion in
assets at September 30, 1999.
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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, FULFILLMENT OF THE
CONDITIONS TO THE CLOSING OF PENDING INVESTMENTS, 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, 1998.
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For more information on Affiliated Managers Group, please visit AMG's web site
at www.amg-boston.com
