AMG Announces Departure of Director Robert C. Puff, Jr.

BOSTON -- Affiliated Managers Group, Inc. (NYSE: AMG) announced that Robert C. Puff, Jr., will resign from AMG's Board of Directors effective January 1, 2006, to devote additional time to his role as a director and vice chairman of Sands Capital Management, Inc.

"We would like to thank Bob for his service to AMG's Board of Directors," said William J. Nutt, Chairman of AMG's Board. "We understand, however, his desire to devote greater time to his role with Sands Capital, and wish him well in his future endeavors."

Mr. Puff previously served as president of Kansas City, Missouri-based American Century Investment Management, Inc. from 1997 to 2001 and as chief investment officer from 1993 to 2001, as well as in a variety of other roles after joining the company in 1983, including as a member of the company's Executive Committee and Board of Directors.

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 recent acquisition of First Asset Management Inc., AMG's affiliated investment management firms managed approximately $163 billion in assets at June 30, 2005.

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 complete pending acquisitions, 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, 2004.

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