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WEST PALM BEACH, Fla., Aug. 10, 2018 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE:AMG) today announced an adjustment to the conversion rate of its 5.15% junior convertible trust preferred securities due 2037 (the “junior convertible securities”). The conversion rate adjustment is being made in accordance with the indenture governing the conversion of the junior convertible securities as a result of the quarterly cash dividends paid by AMG on common shares beginning in the first quarter of 2017 and the previously announced quarterly cash dividend with an ex-dividend date of August 8, 2018 to be paid on August 23, 2018. Effective immediately, the conversion rate is adjusted from 0.2500 common shares per $50.00 junior convertible security to 0.2525 common shares per $50.00 junior convertible security, equivalent to an adjusted conversion price of $198.0198 per common share, compared to the prior conversion price of $200.00 per common share.
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate shareholder value through the growth of existing Affiliates, as well as through investments in new Affiliates and additional investments in existing Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of June 30, 2018, AMG’s aggregate assets under management were approximately $824 billion in more than 550 investment products across a broad range of active, return-oriented strategies. For more information, please visit the Company’s website at www.amg.com.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.
|AMG Investor and Media Relations:
Jeffrey W. Parker
|+1 (617) 747-3300