AMG's Chairman and Chief Executive Officer to Highlight Company's Strategy and Growth Record at Arizona Conference.

BOSTON -- William J. Nutt, Chairman and Chief Executive Officer of Affiliated Managers Group, Inc. (NYSE: AMG), is expected to speak today at the Lehman Brothers Small Cap Conference in Scottsdale, Arizona. Mr. Nutt is scheduled to address the conference at 4:50 p.m. Eastern time. Mr. Nutt will highlight the Company's business model and investment strategy, as well as the growth record of AMG and its Affiliates. E[acute accent]AMG will provide a live audio transmission of the comments through its Web site at www.amg.com. A replay of the webcast will also be available through AMG's Web site shortly after the conclusion of management remarks, and may be heard through November 24, 2004. E[acute accent]AMG is an asset management company with equity investments in a diverse group of mid-sized 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. Pro forma for its pending investment in TimesSquare Capital Management and acquisition of the Fremont Funds, AMG's affiliated investment management firms managed approximately $109 billion in assets as of September 30, 2004.

E[acute accent]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, 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, 2003.

E[acute accent]For more information on Affiliated Managers Group, Inc., please visit AMG's Web site at www.amg.com.